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Downside?


Today, we will be looking at the AUDCAD, We can go back all the way to June 2019 to see the 0.9191 support level break which has held all the way back to July 2013. Last month price tried to retest this level but left a rejection candle and after the RBA interest rate cut on Tuesday which moved the AUDCAD lower, we can note on the daily chart the 0.8937 area of support break and is holding below. We now need to see this week if we hold below this very important support zone.

This could open up a big move down as there is no support until 0.8582/0.85. We can see some obvious consolidation on the hourly chart but below 0.8855 we could see some downside.



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