Why?
It's explained above.
To back up my points, AUD/CAD has been in a downtrend on the monthly chart for a while now, and the last few months have seen a lot of bullish momentum, more than anything this is a lower high that will form on the monthly and it will be the start of the continuation of the original downtrend of this pair. There is a strong resistance at the current level meaning that more than anything this is going down. As well as this there is now also a evening star forming on the Daily chart, there are multiple confluences suggesting that this pair will fall, its just a matter of time. Watch this space.
Leave a appreciation or comment letting me know your thoughts! Thanks Guys! :)
It's explained above.
To back up my points, AUD/CAD has been in a downtrend on the monthly chart for a while now, and the last few months have seen a lot of bullish momentum, more than anything this is a lower high that will form on the monthly and it will be the start of the continuation of the original downtrend of this pair. There is a strong resistance at the current level meaning that more than anything this is going down. As well as this there is now also a evening star forming on the Daily chart, there are multiple confluences suggesting that this pair will fall, its just a matter of time. Watch this space.
Leave a appreciation or comment letting me know your thoughts! Thanks Guys! :)