The ducks look to be lining up for AUD/CAD downside.
It was comprehensively rejected at the 200DMA a fortnight ago, followed by wedge break on Tuesday before sliding below the 50DMA on Thursday. It now sits perched on .8880, a level it attracted buying from earlier this month.
With RSI (14) sub-50 and MACD crossing over from above, momentum signals are shifting neutral to moderately bearish, favouring downside. With both moving averages trending lower, it reinforces the bearish picture.
If AUD/CAD breaks beneath .8880, considering initiating shorts targeting a return to support at .8800. A stop above .8880 would provide protection against reversal.
Should it hold .8880, the bearish backdrop suggests there are better setups to consider than flipping the trade and going long.
Good luck!
DS
It was comprehensively rejected at the 200DMA a fortnight ago, followed by wedge break on Tuesday before sliding below the 50DMA on Thursday. It now sits perched on .8880, a level it attracted buying from earlier this month.
With RSI (14) sub-50 and MACD crossing over from above, momentum signals are shifting neutral to moderately bearish, favouring downside. With both moving averages trending lower, it reinforces the bearish picture.
If AUD/CAD breaks beneath .8880, considering initiating shorts targeting a return to support at .8800. A stop above .8880 would provide protection against reversal.
Should it hold .8880, the bearish backdrop suggests there are better setups to consider than flipping the trade and going long.
Good luck!
DS
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