AUDCAD
This week, we observed a bullish run in AUDCAD. The price surged and reached its highest point at 0.89200, but couldn't maintain the momentum and dropped soon after. In order to test the strength of the trendline, I decided to sell at the highs, hoping that the support area would be tested during the decline. If the support area manages to hold, we may witness a retest of the highs or possibly even a breakthrough. This could lead to a continuation of the bullish trend, which would be an ideal scenario for traders.
Alternative Scenario:
In the event that the price encounters resistance at either the 61.8% or 50% gap levels, there is a possibility that the market may continue to move in a downward direction.