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Thoughts on AUDCAD resistance at 0.98200
Watching $AUDCAD closely. It's been pushing up nicely today, currently trading around 0.98179, after finding some floor around 0.97945 early on. The daily high is 0.98264.
My eye is on the 0.98200 level. It's acted as pretty firm resistance multiple times over the last few sessions, and we're nudging right up against it again. If it fails to break and hold above 0.98200-0.98250 area, I'd expect to see a potential retrace back towards 0.98000. On the flip side, a convincing break and sustained close above 0.98250 on higher timeframes would invalidate that short-term resistance narrative for me, suggesting a potential move towards 0.98500+.
2 comments · 1 points
Definitely an interesting level. I'm wondering if the broader market sentiment will give it the push it needs this time, or if we'll see another rejection there. Good call on watching that range.