Nice idea on AUDCAD and there may be potential gains as you have identified by going short. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance at 0.9224. It is a horizontal pullback resistance, 23.6% Fibonacci retracement and a 100% fibonacci extension . RSI is seeing a bearish exit and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 0.9166 support level. It is a horizontal swing low support, 76.4% Fibonacci retracement and a 100% Fibonacci extension.
Please take a look at our idea and share with us what you think.