Chapter 27 AUDCAD Finally shows Signs to continue the downtrend
17/11/2022
Summary
Australian news drives the market for a weakness
Fundamental analysis
After today economic news has been released in Australia
The unemployment rate is 3.4%
employment change is 32.2K
And yesterday the CPI inflation rate in Canada
Results were released at 6.9%
We can see the markets react to both news as a positive for
the Canadian dollar negative for the Australian dollar
Technical analysis
We see in the 1H chart diagram The pair start to act as a downtrend since
we see all Lower highs A few times And the market pushed down to break
the previous anchor 20 Moving average pointing down
We expect the market to pull up to the Previous supply zone at 0.89434-0.89327 To create the new lower high and continue pushing down to the previous demand zone at 0.88525
