Dear Daily Price Action Setup Followers,
In today’s daily price action setup review, I am going to cover an unconventional pair. The action in this pair is coming from the sellers. Well, let’s have a look at the AUD/CAD currency pair. What we saw in Friday’s session is a bearish rejection candle. There were some buyers around the 0.9700-9750 levels. They managed to spike the price up to almost 0.9850, but there the resistance belt played a major role. The price couldn’t hold these levels and quickly bounced off down to retrace back to the previous support level. From a “price action setup” point of view, this is an indication to short. The few previous candles do confirm our bearish view. The only danger in shorting this currency pair lies in the close proximity to the support levels around 0.9700. This might translate into hesitation in the next trading session. Despite that, the more aggressive sellers would grasp this opportunity and probably sell the pair at market price- 0.9735 with a stop level above 0.9850. The first price target for this setup is 0.9600 and then 0.9400.