AUDCAD approaching resistance, potential drop!
AUDCAD is approaching our first resistance at 0.9555 (horizontal overlap resistance, 23.6%, 50% Fibonacci retracement, 100% Fibonacci extension) and a strong reaction might occur below this level pushing price down to our major support at 0.9419 (horizontal swing low support). Ichimoku cloud is also showing signs of bearish bias in line with our bearish bias.
Stochastic (21,5,3) is also approaching our resistance and a reaction below this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (21,5,3) is also approaching our resistance and a reaction below this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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