AUDCAD Will Move Lower! Sell!

Please, check our technical outlook for AUDCAD.

Time Frame: 5h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is testing a major horizontal structure 0.882.

Taking into consideration the structure & trend analysis, I believe that the market will reach 0.878 level soon.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

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Trade closed: target reached:

That was an excellent trade and the target was reached too!