On the daily timeframe, #AUDCAD remains in a clear bearish trend, but as discussed earlier, the pair is currently in a pullback phase, forming a potential lower high.
At present, price is hovering around the 0.88966 level, which serves as a key area of interest for sellers.
Traders should be watching closely for signs of rejection or bearish confirmation at this level, which could present a solid selling opportunity in line with the prevailing trend.
Alternatively, if the pullback extends further, the next significant level to monitor is around 0.89667, where deeper retracement could offer another opportunity to enter short positions.
It's important to remain patient and allow price action to dictate the next move within this ongoing bearish structure.
Happy Trading
At present, price is hovering around the 0.88966 level, which serves as a key area of interest for sellers.
Traders should be watching closely for signs of rejection or bearish confirmation at this level, which could present a solid selling opportunity in line with the prevailing trend.
Alternatively, if the pullback extends further, the next significant level to monitor is around 0.89667, where deeper retracement could offer another opportunity to enter short positions.
It's important to remain patient and allow price action to dictate the next move within this ongoing bearish structure.
Happy Trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.