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AUDCAD: Lower Lows & Highs!

Weekly Time Frame: Starting on the higher time frame we can see that AUDCAD is on a downtrend. Price tested this trend multiple times and is well respected. We can also see that price managed to break through weekly consolidation at .90000-.91500 key psychological.


Daily Time Frame: Scaling down further to the daily, we can see a nice flag formation testing previous areas of support as newfound resistance, .87000 key psychological zone. If we manage to get a daily closure below this zone, we can look to scale down to find entries.


4Hr Time Frame: Scaling down further, we see price creating a double top and testing resistance in confluence with the 61.8% Fibonacci and key psych. If price maintains below this zone then, we can anticipate shorts to .81000 key psychological. However, if price manages to violate this resistance then wait to reevaluate price.


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