⬇️ AUD/CAD prepare for a decline? ⬇️

⬇️ AUD/CAD prepare for a decline?

⬇️ Since the start of the sideways trend that took place on October 10, it has been rather dull on this pair, a few breakout attempts and nothing more.

⬇️ But today's week has a lot of important events in store for both of these pairs.

⬇️ Starting at 1:30 a.m. on Tuesday English time, we will have the Minutes meeting where the current arriving data from the Australian economy will be discussed.

⬇️ Then on Wednesday, inflation readings from Canada. In which the market is betting that inflation will recede.

⬇️ And on Thursday culminating the week with Unemployment Rate data in Australia. In which the market currently expects no change

⬇️ It's shaping up to be a really exciting week.

⬇️ Turning to the technical side on the 4H chart I am currently discussing. We can see that we are below the 2 key moving averages MA 50 AND MA 200, which signals that we are in a deep downtrend.

⬇️ Then analyzing the MACD, we see nothing special on it, only low bars signaling a small range of movement over the past few days.

⬇️ RSI, on the other hand, is below the 50 line, which signals the continuation of the downward trend.

⬇️ Similarly, with Stoch where we are oscillating near the 20% zone, the breakout of which is a strongly bearish signal.

⬇️ The small range of movements and lack of interest in the pair provoke the continuation of the downtrend

⬇️ Stop loss was set above the accumulation range

⬇️ Target was set at the round level of 0.85

⬇️ Risk/Reward: 1.58

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Comment:

AUDCAD scored a beautiful slide.