Bearish signals on AUDCAD
AUDCAD has been bullish since March, but starts showing signs of saturation
- clear resistance area (R)
- RSI/MACD are declining (weak divergence)
- hitting downward channel (flag)
- tested MA50 (blue line) already 3 times, while before it was supported by quicker MA20 (dark green)
There is a upward support line (red line - better visible on 4H). If it breaks it is likely to go down to support area (A). It may then retrace to MA50, which would be a reversal sign to go al the way to next support (B). This is also the Fib382 level.
Let's follow what will happen.
- clear resistance area (R)
- RSI/MACD are declining (weak divergence)
- hitting downward channel (flag)
- tested MA50 (blue line) already 3 times, while before it was supported by quicker MA20 (dark green)
There is a upward support line (red line - better visible on 4H). If it breaks it is likely to go down to support area (A). It may then retrace to MA50, which would be a reversal sign to go al the way to next support (B). This is also the Fib382 level.
Let's follow what will happen.
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.