AUDCAD Potential Short

We are seeing AUDCAD entering RSI Overbought on the H1 timeframe, along with testing its pivot and long term trendline.

I would anticipate a correction downwards over the coming hours, 382 fib looking like a decent target as it will line up with the EMA50.

Look at shorter timeframes for a good entry point.

Kommentar:

AUDCAD pushing higher than I expected so caution should be exercised if entering a trade. The previous trendline of support, which then became resistance, could become support again especially if a candle opens and closes completely above it (which it is about to on the M30 timescale).

Continuing to monitor but certainly no entry yet.