AUD/CAD (1H) – Bearish Wedge Formation & Sell Setup

Market Overview:
The AUD/CAD pair is currently forming a rising wedge pattern, a bearish signal indicating a potential breakdown. The price is consolidating within support and resistance levels, showing signs of weakening momentum.

Key Technical Observations:
🔹 Rising Wedge Pattern: The price is making higher highs (HH) and higher lows (HL), but the structure is narrowing, indicating a potential breakdown.
🔹 Neckline Support: The key level to watch is 0.8990—a break below this support will confirm the bearish move.
🔹 Breakout Confirmation: A break below the neckline will trigger a strong downside move, confirming the wedge breakdown.

Trade Setup:
📌 Sell Stop Entry: 0.8990 (Below neckline support)
📌 Stop Loss: 0.9036 (Above resistance)
📌 Take Profit 1: 0.8944
📌 Take Profit 2: 0.8898

Trading Plan:
✅ If the price breaks below the neckline at 0.8990, a sell stop order will be triggered.
✅ A stop loss is placed above the recent resistance at 0.9036 to minimize risk.
✅ If the price reaches TP-1 (0.8944), consider securing partial profits and adjusting the stop loss.
✅ A further decline towards TP-2 (0.8898) is expected if momentum continues.

💡 Conclusion:
A breakdown from this wedge structure could lead to a strong bearish move. Traders should wait for confirmation below 0.8990 before entering the trade.

📉 Stay disciplined & trade with a strategy! 🚀