AUDCAD - Already Over-Bought 📉

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 AUDCAD has been overall bullish, trading within the rising wedge in red.

At present, AUDCAD is approaching the upper bound of the wedge pattern acting as an over-bought zone.

Moreover, it is retesting a strong resistance zone in blue.

🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the blue resistance and upper red trendline.

📚 As per my trading style:
As #AUDCAD is hovering around the circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich