AUD/CAD Potential Downward Movement

AUD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 0.9095, 0.9112, 0.9142

Key Support Levels: 0.9049, 0.9024, 0.8992

4-Hour Chart:

The price on the higher time frame has been in a downtrend for some time and did a pullback to the 0.9178 level and reversed. The pair has broken a support level of 0.9091 which suggests further trend continuation.

AUD/CAD Medium-Term Trend: Bearish

30-Minute Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It broke a consolidation zone of 0.9142 and 0.9112 to the downside. As of now the pair has broken and retested a minor level of 0.9095 before continuing the momentum.

Signal Idea:

Sell Stop Order @ 0.9078

TP @ 0.9059

Stop Loss @ 0.9097

Trade Safely 🙂