AUD/CAD is one of those currency pairs which are moving in prolonged
consolidation and
range bound zones. Right now we have established another range between 1.0350 resistance zone and 0.9400 support zone. It is very common to use the middle of previous range box as resistance/support. We can see in our case how 1.0350 was the middle of previous box and now it's acting as resistance level for the current box.
Figure 1. AUD/CAD Weekly Chart
In
Figure 2 we can have a look at the daily cha…