AUDCAD Testing the top of the Channel Down. Sell.

The AUDCAD pair hit today the 1D MA50 (blue trend-line) for the first time in more than two months (since February 22). By doing so, it has approached both the Channel’s top (Lower Highs trend-line) and Resistance 1 (0.912750) of the April 03 High.

With the 1W RSI still far from its Support/ Buy Zone, we treat today’s rise as a sell opportunity and short towards the Channel’s bottom (Lower Lows trend-line), targeting 0.8870 (November 21 2022 Low).

Tradingview link:

https://www.tradingview.com/chart/AUDCAD/GcPkunNY-AUDCAD-Testing-the-top-of-the-Channel-Down-Sell