By Natalie R. – Following a bearish streak versus the CAD over the past few days, the AUD seems to be in the middle of a bullish correction. Forex traders are advised to take advantage of this knowledge by going long on AUD/CAD now.
Below is the 8 hour chart of EUR/CAD. The technical indicators are the RSI and the Slow Stochastic
– A breach of the lower Bollinger Band is evident on the chart (1), indicating the upward correction that has begun still has room to continue.
– A bullish cross is evident on the Slow Stochastic (2), signaling the next move may be an upward correction.
– The RSI (3) signals that the price of this pair is currently floating in the oversold territory, suggesting upward pressure.
Forex Market Analysis provided by ForexYard.
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