Forex Analysis: AUDCAD

In this Forex Analyis, we will start with the AUDCAD Weekly-Chart. This is all about getting an overview. Where are we on the chart? Where are opportunities for trades?
In order to arrange and simplify the chart, I have identified two important areas: a strong resistance zone (light green) and a significant trendline (dark green).
Since the beginning of 2014 the course has hit the resistance level four times. Also in this area you can again see a lot of long wicks in the direction of the resistance. These wicks are often a reversal. After the last touch of the level, the course could drop 370 pips down. The next strong psychological support of the course I see is the drawn trendline.
Here I will look very closely at what the course is doing. Are there any signs of a reversal?

In the Daily-Chart of the AUDCAD we now see more details. The course is, as described above, on the way to the next support. Here I spoke about the trendline. The course could receive support from buyers who are pushing the price up again. Currently, however, the course is on a smaller support Level: A swing low in the chart, which also falls in the area of the 1.0000 level. This is a very large round number. These numbers also act as psychological hurdles and are observed by many traders. In the long run, I still believe that the AUDCAD's course can fall below this range and break through. On the big trendline I would look for buy-signals.