AUDCAD
Preference:
The AUDCAD currency pair exhibited a significant structure at a particular zone, demonstrating support and resistance above and below the price. Upon analyzing the 4-hour time frame, it was observed that the price broke this level and was rejected after a retest. Although an impulsive move occurred after the retest, the momentum is still bearish according to the Exponential Moving Average (EMA). The subsequent price action remains uncertain, and further market analysis is required to make a definitive prediction.
Alternative Scenario:
In the event that the price surpasses the resistance level and subsequently records a firm close, we shall proceed to wait until the support level is retested before making an entry. It is imperative that we exercise prudence in our approach to trading by only entering the market after a confirmation of the support level has been established.