We are witnessing a downward trend of AUD / CAD on a daily chart. The price has now reached a critical point on the upper trend line. We have the touch of the line at 23.6 Fibo. We can take advantage of the strong accumulation of resistance to open a short position. Demarker is a pot of 0.7. The price is below 50 and 200 daily creeks as we observe a "death cross" from May 16th.
First Scenarios: We are entering sales at current test levels with a stop moi of 0.93652 where the price last tested 50 - the average creeping.
Second scenarios: We are waiting for confirmation of where the price will be closed and if we have confirmation of failure in the tests, we can find a short position on the next day candle.
Alternative Scenarios: The price is completely cut off from these levels of resistance and is successfully testing the 50-day creeping again for the purpose of short-term upward movement.
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