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
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...
If we learn from our graph history, then surely we will open a sell position! The reason for this is simple - every time the audcad touches the moving average 200 it falls and each time it also falls more than the previous time, while these lines are being written, we touch the moving average 200 So our recommendation is to sell.
TRY NOT TO MISS THIS ONE
LOOKING GOOD. I AM EXPECTING THE BEARS TO TAKE OVER. MACD, IS SETTING UP A NICE CONFLUENCE ALSO, AND BREAKING THE TREND LINE WOULD MORE THAN NOT DROP DOWN
See previous analysis
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