AUDCAD approaching resistance, potential drop!
AUDCAD is approaching our first resistance at 0.9224 (horizontal pullback resistance, 23.6% Fibonacci retracement, 100% fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 0.91667 (horizontal swing low support, 76.4% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price should it react off this level.
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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