AUD/CAD | Potential Decline Towards the Demand AreaAUD/CADOANDA:AUDCADNouzTraderThe H1 intraday structure indicates that price action is currently range-bound—or potentially forming a double top—between the demand floor (0.99400–0.99450) and the supply zone ceiling (0.99750–0.99800; upper gray box). AUDCAD At the 0.99645 price level, following an impulsive green candle that tested the supply ceiling at 0.99750, the most recent H1 candle responded immediately by forming a long upper wick (indicating bearish rejection) and closing back below the 0.99700 area. This signals strong selling pressure at these elevated price levels. ---------------------------------------------------------------------------------------------------------------- ✅ Key Zones: - ⚡Resistance / Supply Zone: 0.99750–0.99800 range (upper gray box / major H1 supply zone) and the record high at 0.99911. - ⚡Support / Demand Zone: 0.99400–0.99450 range (middle gray box / immediate demand zone where the bounce originated) and 0.99150–0.99250 range (bottom gray box / major demand zone). ---------------------------------------------------------------------------------------------------------------- ✅ Order Flow / Volume Profile (VPVR) Analysis The Volume Profile histogram on the right side of the chart provides a highly precise map of intraday liquidity: - ⚡High Volume Node (HVN) / Upper Local Point of Control (POC): A significant volume accumulation is visible right at the upper rejection area—specifically within the 0.99700–0.99750 range (indicated by the longest histogram protrusion). Price rejection off this HVN wall confirms that institutional selling interest (institutional ask liquidity) is actively defending this area. - ⚡Low Volume Node (LVN) / Volume Vacuum Area Below: Below the 0.99600 level, extending down to the 0.99450 demand floor, the volume histogram shows a contraction or thinning (volume vacuum). Bearish rejection pressure originating from the upper HVN is projected to drive the price rapidly across this volume efficiency gap toward the 0.99400–0.99450 area. ---------------------------------------------------------------------------------------------------------------- ✅ Elliott Wave Analysis Mapping wave cycle movements on the H1 timeframe: ⚡Wave Structure: The impulsive rally from the 0.99400 floor to the 0.99750 peak is calculated as a Wave A (or micro Wave 1) movement. ⚡Current Status: The sharp rejection—marked by an upper wick—from the 0.99750 peak down to 0.99645 is currently identified as the initial formation of Wave B (or a corrective Wave 2). ⚡Projection: Price action is projected to continue this Wave B corrective move across the LVN zone to retest the Support/Demand zone in the 0.99400–0.99450 range.