AUDCAD rejected at resistance and headed lower.

Since it's multiyear high in Feb, AUDCAD created lower lows and lower highs in April and has continued bearish ever since with a string of consecutive lower highs and lower lows.

We have 2 clearly defined and repeatedly respected trendlines headed lower, created a broadening descending channel.

Price has has multiple attempts to break through this resistance since December 23rd and has failed, most recently with a tweezer top.

Overall this looks like a great opportunity for a high R short with a stoploss above the trendline/tweezer high.


This is not financial advice, you are responsible for your own trading decisions.

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