[Market Breakdown 5] AUDCAD

AUDCAD is also looking good for shorts as we are sitting in a major Sell region.
You can see what this zone has triggered in the past.
We have a Monthly -27 Fib completion and we are rejecting this zone for 3-4 months already.
Price is really struggling to break above.
Main bias is of course bearish in this case.

Kommentera:

Only thing i can see on the Weekly chart is the break of the ascending trend (line) and the last HL.
This is a clear indication for short set-ups.

Kommentera:

On the Daily chart, we are also Bearish as we have broken the ascending trend (line) and the last HL.
We have received a solid Bearish impulse as indication.
We do expect the market to form a Bearish W pattern as confirmation.
Clear Supply & Demand zone the region of interest.
Descending trend line to protect the price.
If we do complete our Bearish W, i can determine my precise entry on the 4H chart.