Bearish signals on AUDCAD
AUDCAD has been bullish since March, but starts showing signs of saturation
- clear resistance area (R)
- RSI/MACD are declining (weak divergence)
- hitting downward channel (flag)
- tested MA50 (blue line) already 3 times, while before it was supported by quicker MA20 (dark green)
There is a upward support line (red line - better visible on 4H). If it breaks it is likely to go down to support area (A). It may then retrace to MA50, which would be a reversal sign to go al the way to next support (B). This is also the Fib382 level.
Let's follow what will happen.
- clear resistance area (R)
- RSI/MACD are declining (weak divergence)
- hitting downward channel (flag)
- tested MA50 (blue line) already 3 times, while before it was supported by quicker MA20 (dark green)
There is a upward support line (red line - better visible on 4H). If it breaks it is likely to go down to support area (A). It may then retrace to MA50, which would be a reversal sign to go al the way to next support (B). This is also the Fib382 level.
Let's follow what will happen.