Chapter 13 AUD counter-trend to the upside
21/10/2022
AUD CAD
Fundamental analysis
It's the weekend and I decide to write this article because I see there is an opportunity for the next week for this pair AUD CAD we have a few news coming on the economic calendar This fundamental news may affect the pair to change its trend to the upside
Economic calendar news
Australia S&P Global Manufacturing PMI
Previous 53.9
Expectation 52.4
A higher-than-expected figure should be seen as positive (bullish) for the AUD while a lower-than-expected figure should be seen as negative (bearish) for the AUD.
Australia Inflation Rate YoY
Previous 6.1%
Expectation 7%
A higher-than-expected figure should be seen as positive (bullish) for the AUD while a lower-than-expected figure should be seen as negative (bearish) for the AUD.
Canada BoC Interest Rate Decision
Previous 3.25 %
Expectation 3.75 %
A higher-than-expected figure should be seen as positive (bullish) for the CAD while a lower-than-expected figure should be seen as negative (bearish) for the CAD.
Technical analysis
The Price has been ranging from 10 October to 22 October between 0.86000 - 0.87000
Finally, on Friday, 21stOctoberthe price has been close above 0.87000 We can see on the 4-hour chart candle closed above it this indicates and give us permission to look for a buying opportunity We just need to wait for the final pullback at 0.86500 And Touch 20 moving average and show strength then we can look for entry to target the next supply zone at 0.88000
