AUDCAD: Breakout Imminent!
-The overall long term rising channel continues to confine price action
-The price has broken out of the shorter term falling channel
-The price entered a period of sideways consolidation following the breakout of the channel
-The price settles above the short term 50-days SMA and the longer term 200-days SMA
-Accordingly, the bullish givens outweigh the bearish ones
-A break above the ceiling of the short term sideways range at 1.02335 would confirm 10350 initial target.
-Alternative scenario: a break below the floor of the sideways range at 1.0100 would confirm another bearish initially to 1.0000.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
-The price has broken out of the shorter term falling channel
-The price entered a period of sideways consolidation following the breakout of the channel
-The price settles above the short term 50-days SMA and the longer term 200-days SMA
-Accordingly, the bullish givens outweigh the bearish ones
-A break above the ceiling of the short term sideways range at 1.02335 would confirm 10350 initial target.
-Alternative scenario: a break below the floor of the sideways range at 1.0100 would confirm another bearish initially to 1.0000.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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