AUDCAD is at a major level right now, the area of support it is at has been tested and failed to break it multiple times. The overall bias of price action is downwards due to the descending trend line marked out in black.
Price is travelling in a descending channel marked out in blue, If price rejects the area of support its at now then we will be waiting for price to break the channel, retest it before we think about any long trade opportunities. However if price breaks below the pink rectangle and comes back up to retest it we will be looking for short trade opportunities.
LEAVE YOUR THOUGHTS BELOW.....
Price is travelling in a descending channel marked out in blue, If price rejects the area of support its at now then we will be waiting for price to break the channel, retest it before we think about any long trade opportunities. However if price breaks below the pink rectangle and comes back up to retest it we will be looking for short trade opportunities.
LEAVE YOUR THOUGHTS BELOW.....
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Price broke below the support area, came back to retest it and dropped rapidly like expected