Looking at some interesting price action on the daily chart here of the AUDCAD. The market has rallied up aggressively this month and reached a major turning point on the chart.
Now because the market is a little over stretched and slammed into a proven resistance level – we’re seeing tell tail signs price may be ready to turn around here.
There are some large upper tails on the daily candles that demonstrate price trying to break higher past resistance – but ultimately failing, closing back below. These failed breakout are a big bearish signature, and we’ve also got a bearish rejection candle that has already broken it’s low this session.
Watch the price action here and see how it plays out, but I think we’re going to see some lower prices develop off this setup.