AUDCAD – POTENTIAL SHORT(S)


AUDCAD – POTENTIAL SHORT(S)



We’ve seen over the years how strong of a support level 0.91-0.915 has been in rejecting price and setting up long opportunities. It’s been broken and has continually been touching this price point yet this time as a resistance, being unable to surpass it. I’m looking for price to extend a bit further towards 0.915 area before entering to setup the RSI which is looking somewhat neutral at the moment, but this price action and the structural pattern are definitely showing bearish intentions. The first target would be the bottom of the nearest daily support area where the breakout bottomed out (0.88-0.89), second target at approximately 0.855 (backtested support) and final swing at the monthly low 0.75. Low risk with a tight stop. Let me know if you have any suggestions or alternate analyses.



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