AUD/CAD Trading Analysis (07/08/2024)

The trend is descending. The currency pair is trading in the range between 365 and 135 ЕМА. The upward wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.

Trading idea:

• Sell when the formation of the descending wave structure begins, when the wave a breaches the sloping channel of the ascending structure.
• Stop-loss over the local maximum of the ascending structure at 0.9038.
• Price targets at 0.8959 and 0.8900.            

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