AUDCAD is retesting the broken downside resistance
AUDCAD is in the consolidation just below the broken downside resistance line 0.9580. The pair is retesting the downside resistance line 0.9580. For an upside reversal and higher probability long trade entries, we need to see a break above 0.9700. AUDCAD reached 0.9700 after a bounce from 0.8000 to test the strong long-term upside resistance 0.9700-0.9750 zone. The overall long-term is a downtrend now and a confirmed break below 0.9200 will lead to an extended continuation lower.
Note – We are inclined to short trade entries with the stop loss above 0.9650
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