AUDCAD approaching 1st support, potential for bounce!

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Price is approaching our 1st support, in line with our 23.6%, 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support. We could potentially see a bounce and further rise up towards 1st resistance, in line with our 61.8% Fibonacci extension and horizontal swing high resistance. Price is also holding above the moving average support, showing bullish pressure in line with our bullish bias.

Trading Recommendation

Entry: 0.96885

Reason for Entry:

23.6%, 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support

Take Profit: 0.92799

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.96516

Reason for Stop Loss:

38.2% Fibonacci retracement and horizontal swing high resistance

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

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