AUDCAD Sell signal emerging on a 3.5-year Resistance!

8 Jul

The AUDCAD pair just hit on the week's opening the Lower Highs trend-line that was first initiated on February 22 2021. As the 1W RSI is just below its own 3.5-year Resistance Zone, the first strong long-term sell opportunity flashes.

Check below how the last AUDCAD analysis (May 29, see chart below) provided an excellent buy opportunity:

The more short-term pattern though since the September 25 2023 Double Bottom is a Channel Up and it is close to pricing its new Higher High. This is just above the 3.5 year Lower Highs trend-line, so we give the sell signal this much tolerance level for some deviation.

Our Target on the medium-term is 0.9000 (Support Zone 1, similar symmetry to the previous Higher Low on Support Zone 2).

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