AUDCAD: Trade Opportunities Below 0.96000 Resistance

The market gave us a reversal candlestick pattern at 0.96000 resistance. RSI confirmed the price reversal in the overbought zone. MACD looks bearish , and it is going to support a downward movement. DMI is bullish , but ADX line is moving down. It tells us that buyers are not so strong, and we can expect a downward movement.

If the price breaks the local uptrend line, it will be possible to search for the exact entry points for selling. There will be interesting trade opportunities in the hourly charts. Stop orders for short trades should be placed above 0.96000 resistance. Profit targets can be based on SMA50 from the daily chart and 0.92500 support.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.