AUDCAD recovered from its double-bottom formation near 0.9063, pushing back into the swap zone around 0.9160 after breaking the short-term resistance. The structure reveals a retest of the upward trendline under a descending resistance channel, suggesting a possible corrective pullback before resuming downside pressure. If price fails to sustain above 0.9160, a decline toward 0.9111 or lower remains likely. Market structure favors a bearish continuation as long as the pair trades below the descending red trendline.⚠️ Risks:
- A sustained breakout above 0.9160 could invalidate the bearish outlook.
- Stronger Australian employment or CPI data may fuel short-term upside volatility.
- Broad CAD weakness tied to oil price drops could trigger unexpected rallies
If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!
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🔥 Daily GOLD and Forex updates with 20,000+ active traders:
t.me/LingridChannel
🚀 Daily CRYPTO setups:
bit.ly/3JIGE2j
t.me/LingridChannel
🚀 Daily CRYPTO setups:
bit.ly/3JIGE2j
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.