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Thoughts on $AUDCAD nearing 0.9830-0.9850
Been watching $AUDCAD these past few sessions and it's making a decent push. We're currently sitting around 0.98144, but that zone just above, around 0.9830 up to 0.9850, has been pretty sticky historically. It feels like a key resistance area where we've seen reversals before.
My thinking is that if we can clear that 0.9850 level convincingly, say with a daily close above it, then it might signal a more sustained move higher. But until then, I'm leaning towards the idea that it could see some profit-taking or rejection there. The risk, for me, is if we get a quick, strong break and hold above 0.9850 — that would definitely make me reconsider the downside potential from this zone.
2 comments · 1 points
Ah, the age-old dilemma of a sticky resistance zone. It's almost as if the market has a memory, or perhaps just a collective agreement to pause for dramatic effect before deciding on its next move.