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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 🙂

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.

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