Hi Traders! AUDCAD critical zone provides bearish opportunity for us. A detailed analysis of this sell setup is as follows:
AUDCAD Weekly Chart:
On the weekly chart we have a good downtrend line that has formed and currently the price which is moving higher has reached this dynamic resistance. If we didn’t get a valid breakout here we may then expect the price to respect this trend line again and move lower. We also have a good resistance zone which coincides with the downtrend line. In addition to this we have potential bearish hidden divergence that is forming at the moment. Everything looks good here for the bears, we may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
AUDCAD H4 Chart:
On the H4 chart we have a critical zone that has formed which is slightly higher from the current zone. We have a potential bearish divergence that is forming at the moment. Hence we may now expect one more push higher from the current zone towards this critical zone, we may then start looking for sells with bearish evidences.
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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