AUD/CAD Potential Downward Movement

AUD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 0.9313, 0.9402, 0.9438

Key Support Levels: 0.9218, 0.9177, 0.9113

Daily Chart:

The price on the higher time frame has broken a support level of 0.9336 after facing rejection from the upside. The price has also broken the trendline and did a pullback before it continued the momentum to the downside.

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 has been trading in a small range and recently it broke a support level of 0.9292. The pair has retested that level and continuing the move downside. 

Signal Idea:

Sell Stop Order @ 0.9273

TP 1 @ 0.9226

TP 2 @ 0.9178

Stop Loss @ 0.9320

Trade Safely 🙂