Anticipating shift in trend downwards as price action demonstrates a strong momentum swing down. Additionally, MACD + Triple Time Frame RSI provide additional support for my idea
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We have a red descending channel here, we can also see in the weekly graph the last decline comes after Doji (Doji candlesticks look like a cross) that generally signals a reversal pattern for technical analysts.
In addition to the Stochastic indicator shows that we have another margin of potential price fall
Entry Price: 0.9440
AUD/CAD on a 4-Hour time frame we're looking for short positions after a re-test at the end of the week. the structure broke through the higher low end to the resistance line at 0.9474 for the following week we will be looking for a possible retest and break through to the downside and hopefully hitting our take profit at 0.9425
On the one hand, the resistance is breached, signaling a strong buying signal, and on the other hand, the audcad is currently facing a new resistance - the moving average 100,200 and you can also see the Stochastic indicator indicating a sell signal because it is above 80 points that it is over buying.
We recommend selling short term in order to return to the Buy...