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FX.co ★ AUDCAD facing bearish pressure, potential for further drop

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Forex Analysis:::2020-08-24T10:15:29

AUDCAD facing bearish pressure, potential for further drop

AUDCAD facing bearish pressure, potential for further drop

Price is facing bearish pressure from our first resistance level, in line with our horizontal overlap resistance, descending trend line, 78.6% fibonacci extension and 23.6% fibonacci retracement where we could see a reversal below this level. The Ichimoku cloud is showing signs of bearish pressure as well.

Trading Recommendation

Entry: 0.94537

Reason for Entry:

horizontal overlap resistance, descending trend line, 78.6% fibonacci extension and 23.6% fibonacci retracement

Take Profit: 0.93893

Reason for Take Profit:

100% fibonacci extension

Stop Loss: 0.94934

Reason for Stop Loss:

Horizontal swing high resistance, 50% fibonacci retracement

Analyst InstaForex
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