Here is a classic example of a top-down confirmation setup: after a breakout of a key support on a daily, AUDCAD retested that.
The price was steadily growing within a bearish flag formation. The text of structure triggered a strong bearish reaction and the price violated a support of the flag.
It confirms the strength of the sellers and a highly probable bearish continuation.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.