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The AUD/CAD price reached the Daily 200-period moving average and has been trading below it for the third day now. The last two times the price reached the long-term MA, the price bounced lower and started a new bearish period.

So far, however, the price isn’t able to sell off and the last two daily candlesticks show a (weak) rejection of the lows.

On the 1H intraday timeframe, the price is forming a Head and Shoulders pattern with a tilted neckline. As long as the price does not fully break lower, bears should stay out. The fact that the daily candlesticks show rejection signals is going against a short bias as of now.

 

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