AUDCAD testing key support and recent low. We see a short term bounce opportunity above our 1st support at 0.92723 towards descending trendline resistance and 1st resistance at 0.93069. Stochastics is reacting above support where price bounced in the past as well.
Trading Recommendation
Entry: 0.92723
Reason for Entry:
50% Fibonacci retracement, Graphical swing low support
Take Profit: 0.93069
Reason for Take Profit:
Descending trendline resistance, graphical overlap resistance
Stop Loss: 0.92534
Reason for Stop Loss:
61.8% Fibonacci retracement level
