AUD/CAD Daily Chart Our Expectations: Decreasing main trend, correction to horizontal and diagonal resistance. Opportunity for short positions with stop 0.9628
Alternative Scenario: If the price does not keep its levels and rises above the set of resistances, a higher correction is possible. When a new local peak is formed, it can be considered that the trend has changed to a long.
Comment: Decreasing main trend. Correction to Zone of Horizontal and Diagonal Resistances. At these levels is also 38.2% Fibonacci, measured from the peak in January 2018 to the bottom at the end of 2018, making them even more significant. Formation of a trend-confirming flag formation. Breakthrough and Test of Formation - Activation. 50/200 EMA in bearish formation - 50 EMA test.
Stop Loss: 0.9628
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