Short Opportunity Upon bounce on EMA200

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Potential selling opportunity for AUDCAD currency pair. As we can see here, there are couple of interesting stuff found in this chart:

1. Hidden RSI divergence found, which may potentially indicates a downtrend continuation.
2. EMA(200) has been acting as a dynamic resistance and has been doing this since end of August 2017. So I think it may help to bounce the price again one more time.

A take profit around 0.965 level will be a good target with the entry somewhere around 0.983 (hoping there will be a clear reversal signal there)

Penafian

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