AUD/CAD Sell Strategy: Testing Resistance with Downside Targe

7 Nov

• Trade Setup: AUD/CAD is currently selling at 0.9266, targeting 0.8939.
  
• Key Resistance Level: The 0.9270 level acts as resistance, aligning with a significant Fibonacci retracement.
  
• Recent High & Low:
• High: Recent high around 0.9380.
  
• Low: Current low near 0.9102.
  
• Technical Signals:
• Resistance at 0.9270 marks a potential reversal zone, reflecting selling pressure.
  
• Bearish momentum is expected toward 0.8939, which is contingent on sustained downward movement.
  
• Market Context: Recent highs and lows frame a broad trading range, with Fibonacci levels adding technical validity to sell-side positions near resistance​