AUD/CAD: Bearish reversal candle at the breakout level, sellers are optimistic
|AUD/CAD has been bearish on the daily chart. The pair has been heading towards the South upon producing an ABC pattern. It produced a bearish engulfing candle yesterday as well. The price made a bearish breakout at yesterday’s lowest low. It has been on consolidation. The price may have found its resistance as well. Thus, the sellers may go short below today’s lowest low.
The price made a breakout at the level of 0.88600 and found its support at the level of 0.88460. The level of support produced a bullish engulfing candle and it closed within the level of 0.88600. As of writing, the last candle came out as a bearish inside bar. If the price keeps heading towards the South, the sellers may go short below the level of 0.88460.
Trade Summary:
Entry: Sell below 0.88460
Stop Loss: Above 0.88600
Take Profit 1: 0.88200
Take Profit 2: 0.88040
Take Profit 3: 0.87845
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