AUD/CAD Met Resistance and Gave Way To Bears

AUD/CAD met the resistance level at 1.0317 this morning before the European session opened. The pair immediately and gracefully retreated from the resistance zone and is now trading slightly below it at 1.0285.

Bears will try to take control over it now and push it further down. First potential target zone is eyed around 1.0250 which would be considered a prior pivot point if we can get a bounce off of it.

If that level does not hold, major bear target on the short-term is expected at 1.0100. This would be considered the potential bounce point where bulls will try to sustain the uptrend channel.

However, a break below this point would invalidate the upward trend and put more pressure on the pair.

Chart: AUD/CAD H4