Hi Traders! AUDCAD bearish setup is forming at the moment. A detailed analysis of this sell opportunity is as follows:
AUDCAD H4 Chart:
On the H4 chart the price which is moving higher has currently created a double top and a second bearish divergence which we may consider as evidences of bearish pressure. Everything looks good here for the bears, in addition to this we also have a key resistance level which is slightly higher from the current zone. Hence we may now expect a possible push lower either from the current level or after one more push higher. We may start looking for more bearish evidences from the current zone in order to join the bears. Alternatively if the price moves higher then the next area to look for bearish evidences to join the bears would be the key resistance zone.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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