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AUDCAD Facing Resistance on the Hourly

I see AUDCAD testing a key horizontal resistance zone on the 1H timeframe. The risk/reward favors a bearish move from here.

AUDCAD – Resistance Holding

After a steady climb, AUDCAD is now pressing against a horizontal resistance level that has held multiple times on the hourly chart. I prefer to wait for confirmation, but the structure suggests sellers may step in here.

The risk/reward is skewed to the downside if we see a rejection. I am watching for price to stall and roll over, keeping stops tight above the zone. No rush to enter, but the bias is bearish as long as this level holds.

Comments5

  • Priya Nair
    I agree the hourly resistance is clear, but watch the 0.8900 support—a break below that confirms the bearish bias. 📈
  • Tom Fielding
    Resistance zones on the hourly are noise until proven otherwise. Let's see if it holds through a London or NY session first.
  • Sofia Reyes
    So you're betting the resistance holds, but what if that zone is just a pause before a breakout? 🤔 Markets love to trap the early sellers.
  • Hiro Tanaka
    Resistance at 0.8900-0.8910 is well-defined, but RSI isn't overbought yet. I'd wait for a confirmed 1H close below 0.8880 before shorting.
  • Marcus Vega
    Resistance zones are meant to be broken. Bias is 60/40 bearish until we see a clean rejection candle or volume spike. Waiting for confirmation before shorting.🚀