AUDCAD: Sell at the top of the Channel Down.

The AUDCAD pair is on the 1D MA50 for the third successive day, which is also the top of the Channel Down pattern. The 1D technicals have turned neutral (RSI = 52.833, MACD = -0.001, ADX = 23.757), indicating that this is technically a firm sell entry.

We will use this opportunity to short and target the S3 (TP = 0.88650) as all the Higher Lows of the uptrend have been filled by this Channel Down. On the contrary, if the price crosses over the R1, we will go long and target the R2 (TP = 0.92400).


Prior idea:


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