AUDCAD: A Price Consolidation in the Bearish Flag Pattern
AUDCAD has recently arrived at a new low at the 0.8930 level. From that support level , the price retraced, forming a very nice looking bearish flag channel. As we forecasted in our previous AUDCAD analysis, we expected the price to retest the previous high at 0.9100 level, then form a consolidation pattern within the bearish flag channel.
The price retested the 0.9100 level, but was rejected twice and created a neckline at the 0.9050 level. The RSI shows a bearish divergence. Therefore, we will observe the price action and see if the price will break below the neckline level of 0.9050 for a reversal to occur from the bearish flag channel.
Check out our previous AUDCAD analysis below :)
The price retested the 0.9100 level, but was rejected twice and created a neckline at the 0.9050 level. The RSI shows a bearish divergence. Therefore, we will observe the price action and see if the price will break below the neckline level of 0.9050 for a reversal to occur from the bearish flag channel.
Check out our previous AUDCAD analysis below :)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.