Buyers try to make a play in the AUDCAD
The AUDCAD is lower on the day, after the high for the day could not push above the high from yesterday, and sellers pushed the price lower.
However, the pair just bottomed near swing levels on the daily going back to February. Those lows came in at 0.9315 to 0.9317. This month, the price fell below that level on it’s way to a low of 0.9193. The last 6 days has seen the pair correct higher (5 of 6 days higher) and back above that swing level. Today, the corrective move lower stalled at 0.9316. Are the buyers making a play? After testing and holding, it certainly increases the levels importance for buyers and sellers.
Drilling to the hourly chart, the fall to the support on the daily chart, did take the price below the 100 hour MA (blue line currently at 0.93267). However, the price is back above that 100 hour MA now.
If…..the buyers are making more of a play, watch the 100 hour MA and watch the 0.9311-17 area. Stay above, and the buyers are trying to take more control. If those levels start to be taken out, the bullish gig is up. In contrast, if they hold, the price can go higher.