AUDCAD has been trading in a strong Bullish Trend. After a short period of retracement at the 0.89791 price level, the Bullish run has continued.
Following the strong Bullish run, the price action has formed an AB=CD pattern, following which strong divergence has been observed on the RSI on the 1 hour timeframe, hinting a strong reversal into a Bearish trend, if the price breaks the 0.90274 level.
Trade Plan: Short
Entry: 0.90235
SL: 0.90785
TP1: 0.89680
TP2: 0.89130
Following the strong Bullish run, the price action has formed an AB=CD pattern, following which strong divergence has been observed on the RSI on the 1 hour timeframe, hinting a strong reversal into a Bearish trend, if the price breaks the 0.90274 level.
Trade Plan: Short
Entry: 0.90235
SL: 0.90785
TP1: 0.89680
TP2: 0.89130