- AUD/CAD hourly bearish engulfing is encouraging price action for the bears.
- AUD/CAD double top fuelling a bearish set-up.
The price action of AUD/CAD is compelling from an hourly perspective with the recent correction of the prior bearish impulse well and truly running out of steam.
Hourly chart
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15-min chart
-637592300279840327.png)
The price has dropped below the 21-hourly and 21-min EMAs which exposes the downside.
A retest of the prior 15-min support structure might be the next phase in what is otherwise expected to be a downside continuation to test the hourly demand area of the chart in the 0.9330/50s.
A break of 0.9360 will be a promising development for the bears.
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