BEARISH signal with AUDCAD

7 Nov

As of November 7, 2024, the AUD/CAD currency pair is exhibiting several bearish indicators:

Technical Indicators:

1. Moving Averages: The pair has experienced bearish crossovers with its 20-period and 50-period moving averages on the 1-hour timeframe, suggesting downward momentum.
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MACD: A bearish divergence is present on the 2-hour and 4-hour timeframes, indicating potential downward movement.
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2. Resistance Levels:
The price has encountered resistance near 0.9200, which aligns with the 38.2% Fibonacci retracement, reinforcing the bearish outlook.
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3. Market Sentiment:
Analyst opinions are mixed, with some short-term indicators suggesting a sell, while medium to long-term indicators lean towards a buy.
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