AUDCAD Target achieved. Double Top turning long-term bearish.The AUDCAD pair has gone a long way since our latest analysis and bullish call upon a 1D MA50 (blue trend-line) break-out, hitting all of our targets to the upside:
In fact, our long-term buy that targeted the 1W MA300 (red trend-line) was executed perfectly exactly at the bottom as you can see on this September 20 idea:
With the price almost touching the 1W MA300 but more importantly getting rejected on the April 20 2021 Lower Highs trend-line and making Higher Highs Double top on the 0.786 Fibonacci retracement level, we are closing all buy positions and instead reversing to long-term sells on the AUDCAD pair. The very same 1W RSI Bearish Divergence (which is on Lower Highs as opposed to the Higher Highs of the price) was also formed on the previous top on April 05 2022. Notice also that that top was formed slightly after a 1D Golden Cross formation. We just had the same Golden Cross 3 days ago.
Our short-term target is the 1D MA50 (blue trend-line) and a break below the 1D MA200 (orange trend-line) calls for further selling extension towards the 0.86000 Low. For as long as the long-term Bearish Megaphone pattern holds, the -0.382 Fib extension would be the Lower Low goal.
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