AUDCAD technical analysis in 1 hour time: 2023-01-29Deltafx Admin 30 January 2023
In a higher combination, we can expect the formation of a pattern with a black target in the area of 0.93869 overlapping with it, a smaller pattern with 2 purple targets in the ranges of 0.94166 and 0.93479 can be expected.
The targets in the area of 0.94166 and 0.93479 are exactly at the intersections with the 1-hour pivot points.
Area B (0.94425) of the current pattern acts as resistance for further decline. Each target, once touched, can act as resistance to reach the next target, but there is no need to touch all targets.