Introduction: AUDCAD is showing signs of a bearish continuation pattern on the H1 chart. A sharp move down was followed by a pullback forming a bearish flag pattern.
Entry and Target: We can enter a short trade after a confirmed breakout below the flag's lower trendline. Our target is set at 0.86533, based on the height of the preceding flag pole projected downward from the breakout point.
Stop Loss: For risk management, we will set the stop loss at 0.88888, just above the high of the recent fractal bar.
Note: This analysis is for informational purposes only and not financial advice. Remember to conduct your own analysis and risk assessment before making any trading decisions.
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