AUDCAD comes to strong RESISTANCE

During the uptrend, which the price began in early December last year, the pair was able to break through the strong resistance line of 0.987, however, almost immediately after the breakout, it returned behind the line. Subsequently, the price tried to rise several more times, but collapsed.

Another resistance line was formed at the price highs, which became the upper border of a small descending channel . Moving in this channel since the beginning of last week, the price dropped beyond the resistance line and from the point 0.988 fell to the support line 0.981.

It is already clear that the price bounced off the support and began to grow, and now I expect it to grow to the resistance zone formed at the intersection of the 2019 line and the descending channel line. The price will touch the 0.988 zone.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻