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AUD/CAD Potential Downward Movement

AUD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 0.8634, 0.8684, 0.8760

Key Support Levels: 0.8548, 0.8503, 0.8454

Daily Chart:

The price on the higher time frame has been in a downtrend and recently it found support at the 0.8747 level. The pair bounced back after testing that area and reversed after a pullback. It has now continued the bearish move after breaking the support zone which shows a bearish bias.

AUD/CAD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price traded in a consolidation zone of 0.8684 and 0.8634 for some time after a downtrend. It has now broken the lower range and retested before continuing the momentum.

Signal Idea:

Sell Stop Order @ 0.8601

TP 1 @ 0.8556

TP 2 @ 0.8488

Stop Loss @ 0.8646

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

9 comments

  1. I think we can cancel this trade. Still going up.

  2. I’m new in trading and so glad there’s people like you who help us trade. Thank you. From South Africa

  3. Wrong info… its going UP

  4. Hey this article was published later than the market

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