AUDCAD SELL

AUDCAD

Bearish Reversal
Preference:
Despite the recent positive movement in the price, we are encountering a significant obstacle due to the underlying structure that is affecting the overall trend. We are currently witnessing a bearish rising wedge formation, where the price is moving in a narrowing range with the upper boundary slanting downwards. If the price is rejected from this critical level, there is a strong possibility that the downtrend is still in place and that we may continue to see a decline in prices.

Alternative Scenario:
To confirm the strength of this particular area, it is essential to observe a daily closing price that surpasses its previous highs. This will provide us with a clearer indication of the area's potential for a sustained upward trend.