We are looking a some bearish price action that has formed on the AUDCAD daily chart. Last session the market moved up into a recently confirmed resistance level, the resistance contained price and the upward movement was rejected by the bears.
The daily candle closed as a bearish pin bar reversal, and it was also good to see candle close lower that it’s opening price, displaying weakness into the end of the day.
If we see this weakness continue and price breaks the low of this bearish rejections setup, then we can anticipate further downward movement and capitalize from the bearish momentum
Big shout out to Stephen in the War Room Forums for posting this chart up today