- AUD/CAD is in the throes of a downside continuation.
- The bears need to break current support on the lower time frames.
AUD/CAD has started to form a top on the daily chart and the bears are looking for an optimal entry point to ride the cross lower.
The following is a top-down analysis that illustrates the bearish bias on the charts.
Monthly chart
-637511066473486009.png)
The monthly chart is in the process of correcting the prior bullish impulse and prior resistance is compelling.
Weekly chart
-637511066928849971.png)
The weekly bull rejection was not enough to penetrate the upside fully and the bears on the lower time frames may wish to take advantage of a lack of follow-through and buy orders.
Daily chart
-637511067370304633.png)
The price is submerged below the 21-SMA and Fibonacci retracements which leaves scope for a test of the recent lows and a target to the prior resistance structure looking left.
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