AUDCAD - Rejection Zones!

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

AUDCAD is overall bearish trading inside the brown channel, however, it is now approaching the lower brown trendline acting as a non-horizontal support zone .

Moreover, the zone 0.845 - 0.855 is a strong support zone.

So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue support zone and lower brown trendline. (acting as non-horizontal support)

As per my trading style:
Since AUDCAD is around the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

If the blue zone is broken downward, then further bearish movement would be expected.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich