- AUD/CAD hourly bearish engulfing is encouraging price action for the bears.
- AUD/CAD double top fuelling a bearish set-up.
The price action of AUD/CAD is compelling from an hourly perspective with the recent correction of the prior bearish impulse well and truly running out of steam.
Hourly chart
-637592298652616740.png)
15-min chart
-637592300279840327.png)
The price has dropped below the 21-hourly and 21-min EMAs which exposes the downside.
A retest of the prior 15-min support structure might be the next phase in what is otherwise expected to be a downside continuation to test the hourly demand area of the chart in the 0.9330/50s.
A break of 0.9360 will be a promising development for the bears.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY slumps to three-week low amid Trump's tariffs-inspired risk-off impulse
USD/JPY dives to a three-week low, closing in on 147.00 in the Asian session on Thursday as Trump's sweeping trade tariffs provide a strong boost to the safe-haven asset Japanese Yen. Meanwhile, US receesion fears smash the US Dollar back closer to a multi-month low touched in March, undermining the pair.
AUD/USD remains heavy below 0.6300 despite upbeat Chinese PMI data
AUD/USD remains under decent selling pressure below 0.6300 in Asian session on Thursday. The Australian Dollar keeps losses against the US Dollar despite the strong Chinese PMI data. US President Donald Trump's global reciprocal tariffs-led risk aversion remains a drag on the Aussie pair.
Gold price corrects from record high as focus shifts to US NFP data
Gold price is correcting sharply from a new record high of $3,168 reached in the early Asian session on Thursday. Despite the pullback, Gold price preserves a significant part of the recent record run, courtesy of escalating risks of a global trade war and a US recession.
Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs
Bitcoin and the entire crypto market saw a quick correction on Wednesday following President Donald Trump's reciprocal tariff announcements based on half of each country's respective rates.
Trump’s “Liberation Day” tariffs on the way
United States (US) President Donald Trump’s self-styled “Liberation Day” has finally arrived. After four straight failures to kick off Donald Trump’s “day one” tariffs that were supposed to be implemented when President Trump assumed office 72 days ago, Trump’s team is slated to finally unveil a sweeping, lopsided package of “reciprocal” tariffs.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.