Forex News

04:43:58 27-09-2022

AUD/USD Price Analysis: Bears lurking in weekly resistance

  • USD/CAD bears could be about to move in from weekly resistance.
  • The daily chart's harmonic pattern is bearish.

USD/CAD is reaching into a key resistance area and a correction could be imminent on the longer term charts as the following analysis will illustrate across the weelkly and daily charts.

USD/CAD weekly chart

The price has run into a weekly chart's resistance area and while there is every possibility that the rally will continue, the following will draw the bear's attention:

USD/CAD daily chart

The harmonic pattern is bearish and the price that is meeting resistance would be anticipated to turn lower in a correction that could see a 50% mean reversion play out that has a confluence with the prior resistance of November 2020.

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