Trade of the Day AUDCAD

AUDCAD consolidation is near the end

AUDCAD is testing the 0.9420 for a complete downside reversal. For a downside extension continuation and a higher probability of short trade entries, we need to see a confirmed break below 0.9420. Break below this level could lead to a test of 0.9150 next confluence of resistance GAN fan lines and horizontal. The overall medium-term is an uptrend but we need to see a break above 0.9650 for a complete upside continuation extension.

Note – We will wait for a price action setup below 0.9420 for a high probability short trade entry

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AUDCAD consolidation is near the end

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