AUD/CAD Short

10 Mar 2019

Price set a Lower Low two weeks ago, and this week has now rallied up to set a Lower High on prior strong resistance. This resistance at .9450 has rejected price multiple times, and now looks ready to continue the down trend with a push lower. We have a bearish engulfing candle from last week that tapped the 50 Day SMA, while also hitting the strong Daily downward trend line. There is a great risk to reward setup to try to ride this pair lower for the next several days/ weeks potentially retesting the prior Lower Low at .9320.