AUD/CAD H4 Our Expectations: Declining trend, correction to diagonal resistance. Opportunity for short positions with SL 0.965.
Alternative scenario: If the price couldn't maintain levels and goes above the diagonal resistance, we could seek for long positions after a test of the breakaway and confirmation from a price action signal.
Commentary: Declining movement. Correction to diagonal resistance and 50 SMA. 23.6% Fibo of the movement, measured from the top on 18 April to the bottom on 10 May. Price makes lower highs and lower lows. Failed attempted to break Ichimoku cloud. 50/200 SMA in bearish formation.
SL: 0.965.
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