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With last weeks price action on the weekly charts the pair is suggesting we may see a pull back before the bulls continue to push the pair back higher.<\/p>\n
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![\"audcadweeklyoutlook13feb17feb\"](\"http:\/\/vantage-fx.com\/images\/stories\/audcadweeklyoutlook13feb17feb.gif\")
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Price in the middle part of last year found strong resistance at the 1.0540 area with at least 3 attempts to break though and 3 rejections. We did finally break though in Oct\/Nov of last year however quickly retraced back below. January saw the market once again breaking though this area, however unlike last time, the price managed to hold and continue pushing higher.<\/p>\n
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Last weeks bearish pin\u2019s suggestion of a pull back could once again see the market gravitating towards the 1.0540 area. However this time we\u2019d be likely to see this area holding as support before a continuation of the current trend.<\/p>\n
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We\u2019ll be looking to take a short term sell towards the new support area at 1.0540. However, with the market producing price action on the weekly TF, we\u2019ll look to enter at a slightly higher price than where we closed on Friday. A possible 50% retracement of last weeks pin could prove to be a better entry with a stop just above the high of the pin.<\/p>\n
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