Normally, after an impulse, a correction is expected and that is what the market has just done. Currently, the price is rejecting the previous daily support as new resistance. This simply means the market is providing an opportunity for a short trade. I'll expect decline in the price of AudCad over the next few days.
Trade closed: target reached
Just as expected, the price reached my objective on Tuesday. If you found this analysis helpful, please leave a thumbs up and follow me for more free analysis.
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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.