AUDCAD Will Move Lower! Sell!

Please, check our technical outlook for AUDCAD.

Time Frame: 5h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is testing a major horizontal structure 0.882.

Taking into consideration the structure & trend analysis, I believe that the market will reach 0.878 level soon.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

Like and subscribe and comment my ideas if you enjoy them!

トレード終了: 利益確定目標に到達:

That was an excellent trade and the target was reached too!