AUDCAD analysis 11.09.2020

The Australian dollar against the US dollar conducted a retest of the previously broken support of the main ascending channel and rebounded downwards from there, which maintains the bearish trend scenario valid and effective for the upcoming period, supported by the EMA50, waiting to head towards 0.7135 then 0.6964 as next major targets.

Note that the continuation of the bearish wave requires stability below 0.7350.

The expected trading range for today is between 0.7200 support and 0.7320 resistance.

The expected general trend for today: Bearish.