Chapter 9 Is AUDCAD in a range stage?
19/02/2023
Summary
CPI inflation rates lead the market.
Fundamental analysis
Fundamentally On this pair AUDCAD, we have news coming on this Tuesday's in the economic calendar PMI on the Australian dollar with positive expectations On the other hand we have CPI inflation rate on the Canadian dollar with expectations lower than the previous month at 6.1% and this will lead the central bank of Canada the lower the aggressiveness of rising interest rate, In the end, it will lead to weakness the Canadian dollar.
Australia Manufacturing PMI Prelim
Previous 49.4
Actual 50
Canada CPI YoY
Previous 6.3%
Expected 6.1%
Technical analysis
In this 4-hour diagram chart, the Market price now is 0.92684, if the market keeps rising and creates an up trend by creating higher highs and higher lows and breaking the previous supply zone at 0.96790 we expect the price will pullback to 0.93300 and push up to the oldest supply zone at 0.94500 with 20 moving average pointing up.
Trading Recommendation
Trading Direction: Long
Entry Price:0.93430
Target Price:0.94949
Stop Loss: 0.92642
