AUDCAD is currently hovering above 1st resistance in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. If prices break through 1st resistance, a further drop is expected towards horizontal overlap support in lie with 50% Fibonacci retracement and 50% Fibonacci extension. If prices reverses from 1st resistance, prices might face resistance from 127.2% Fibonacci retracement and 78.6% Fibonacci extension. MACD is also showing a bearish crossover, showing a bearish pressure for prices.
Trading Recommendation
Entry: 0.93642
Reason for Entry:
Horizontal swing low support, 61.8% Fibonacci retracement, 78.6% Fibonacci extension
Take Profit: 0.93305
Reason for Take Profit:
Horizontal overlap support, 50% Fibonacci extension, 50% Fibonacci retracement
Stop Loss: 0.93840
Reason for Stop Loss:
Horizontal swing high resistance, 78.6% Fibonacci extension, 127.2% Fibonacci retracement
