Aus Dollar vs Canadian Dollar Analysis on Dow theory, Bearish Market
At the beginning of this year, the price of the currency pair showed strong growth, during which it broke through the 0.987 resistance line - formed in September 2019 - and came to the 0.990 resistance line. After touching this line, the price reversed in the fall and stopped only at the 0.981 support line. These two lines formed a descending channel, in which the...
Monthly price is making lower lows. Weekly has broken down underneath previous significant level. Identical number for the neckline on the weekly & daily going back to the middle of May 2010. Daily has retested that neckline and given a bearish daily candle and a rotation in the correction up. Looking for a shorting opportunity at 0.86527.
Sell if closed below the blue line. AUDCAD is likely to take the short trend in higher TF.