AUDCAD SELL
AUDCAD Bearish Reversal
Preference:
Despite the recent positive movement in the price, we are encountering a significant obstacle due to the underlying structure that is affecting the overall trend. We are currently witnessing a bearish rising wedge formation, where the price is moving in a narrowing range with the upper boundary slanting downwards. If the price is rejected from this critical level, there is a strong possibility that the downtrend is still in place and that we may continue to see a decline in prices.
Alternative Scenario:
To confirm the strength of this particular area, it is essential to observe a daily closing price that surpasses its previous highs. This will provide us with a clearer indication of the area's potential for a sustained upward trend.
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linktr.ee/Tkprophet
linktr.ee/Tkprophet
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.
Join our Community Learn, Earn, and Grow!!
linktr.ee/Tkprophet
linktr.ee/Tkprophet
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.