Facts:
The main trend on AUDCAD remains downward
The price reached the upper limit of 1:1 structure
Recommendation:
Trade: Short AUDCAD at market price
Target: 0.8975, 0.8953
Stop: 0.9048
Opinion: Looking at the H1 interval, AUDCAD has been trading in a downward trend recently. Following an upward correction, the price reached the key resistance, marked with the upper limit of 1:1 structure and 100-period moving average. According to the Overbalance methodology, the main sentiment prevails and we should expect the price to continue to fall. We recommend going short AUDCAD at market price with two targets: 0.8975 and 0.8953. We also recommend placing stop loss at 0.9045. Source: xStation5
