AUDCAD is overbought and looking for a large downward movement. Short-term we are looking at 150 Pips to the downside Long-term we are looking at 300 to 500 pips
Indicators: Look left rule- If you look at history, the current area where this currency has been a strong pivotal point, dating a few years. This is now acting as Resistance. Daily and Weekly time frames are overbought (Larger time frames dictate main direction)
Conditions to Enter: Close of daily candlestick under the current up trend line, this will confirm a break to the downside.
Entry: 1. Bear candle close under up trendline 2. Retest of up trend line on the backside.
TP1 at next support TP2 at main weekly support SL if prior high is broken
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