AUD/CAD Trading Analysis (07/11/2024)

The trend is descending. The currency pair is trading in the range between 365 and 135 ЕМАs. The upward wave structure is truncated. Bulls are testing the resistance level at 0.9200. The Stochastic Oscillator signals an overbought condition.

Trading idea:

• Sell at the beginning of the formation of the descending wave structure, when wave a breaches the sloping channel of the ascending truncated structure.
• Stop-loss at the local maximum of the ascending truncated structure.
• Price targets at 0.9150 and 0.9100. 

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