The pair is in a constant appreciation mode as the bulls have been able to patiently and steadily lead the price to upper areas.
The price has escalated as high as 0.9923 and thereafter declined to 0.9860 which is today’s major pivot area.
Stabilization and minor bullish attempts are surfacing again slightly above the 0.9860 level.
Probable Scenario
In the condition where the bulls are able to withhold the price above the 0.9860level and exert greater pressures, the pair could appreciate to 0.9894 and 0.9947.
Similarly the Stochastic oscillator indicates that the price has greater probabilities of retracing to the upside at the 20 level.
Alternative Scenario
In contrast, in the scenario where the bears place more pressures at 0.9841 Fibonacci’s 23.6%, and take advantage of any bearish volatility, the price could decelerate to the 0.9807 zone.
Today’s Major Announcements
- The Unemployment Rate (Jan) and the Net Change in Employment (Jan) releases are expected to have a strong impact on the Canadian dollar
- There are no any major announcements on the Australian dollar
Synopsis
- Probable trend (Bullish):0.9860
- Bullish take profit targets: 0.9894, 0.9947
- Stop loss target: 0.9841
- Alternative trend (Bearish): 0.9841
- Bearish take profit target: 0.9807