AUDCAD approaching 1st resistance, potential for a reversal!

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Price is approaching 1st resistance, in line with 50%, 61.8% Fibonacci retracement and horizontal pullback resistance, where we could potentially see a reversal and drop further towards 1st support, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. Price is also holding below the Ichimoku cloud resistance, showing signs of bearish pressure as well.

Trading Recommendation

Entry: 0.93704

Reason for Entry:

50%, 61.8% Fibonacci retracement and horizontal pullback resistance

Take Profit: 0.93297

Reason for Take Profit:

78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 0.93924

Reason for Stop Loss:

78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance

The material has been provided by InstaForex Company - www.instaforex.com

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