What to expect from AUDCAD movements today? This 25 May AUDCAD Fundamental Outlook from HotForex analysts will provide you with necessary guidance.
”Meanwhile, the 0.9700 level, is a significant level to be watched, as it consider to be the neckline of an inverse heads and shoulders formation in the 4-hour chart. This is a bullish pattern formation.
Therefore, a closing above this level today, will suggests further upside momentum, and a retest of the 50-DAY EMA at 0.9760 but also the 38.2% Fibonacci retracement level since March peak, at 0.9800-0.9815.
Immediate Support holds at 0.9665 and the next one at 0.9625. ……Hence the positive indicators, along with the upper Bollinger Bands pattern extended higher and the pair moving above 20 and 50-period SMA, an intra-day target has been set at 0.9740, with support at 0.9680. ”
Hence, the intra-day position closed with a gain at 35 pips. Meanwhile, an entry was taken at the closing yesterday above 50-DAY EMA at 0.9759 yesterday, with Support at 0.9720, and Targets at the round 0.9800 and the 38.2% Fibonacci level at 0.9815.
25 May AUDCAD Fundamental Outlook
The bullish view of the pair still holds, since the pair and in general Canadian Dollar crosses have been underpinned by a relatively sharp retreat in oil prices, which are down by nearly 3.5% in the WTI benchmark market from the major-trend peak that was seen on Tuesday.
Russia energy minister Novak earlier said that the OPEC-led supply restriction initiate could be “softly” eased on the view that global inventories are stabilized. The Canadian dollar has a correlative link to crude prices as it is key export of the Canada.
This article about 25 May AUDCAD Fundamental Outlook was written by Andria Pichidi, Market Analyst at HotForex. The provided article is a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.
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