AUDCAD - Wait Like a Sniper 🛡

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

AUDCAD has been overall bearish trading inside the falling wedge pattern in red, and it is currently approaching around the upper of the wedge / upper red trendline.

Moreover, the zone 0.885 - 0.89 is a strong resistance.

🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper red trendline acting as a non-horizontal resistance.

As per my trading style:
As AUDNZD approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

Comment:

AUDCAD is currently sitting around the rejection zone (red circle) highlighted from Daily as per my previous analysis above.

Moreover, the upper red trendline is also intersecting with the upper orange trendline from H1 and blue trendline from H4 making the zone even strong.

Thus, we are still looking for any bearish reversal setup to sell.