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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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AUDCAD facing bullish pressure, potential for more upside!

analytics6076ac4015800.jpg

Prices are facing bullish pressure from ascending trendline support, horizontal swing low support which coincides with 50% Fibonacci extension and 61.8% Fibonacci retracement. Prices might push up further towards 1st resistance, which is a horizontal swing high resistance in line with 78.6% Fibonacci retracement and 161.8% FIbonacci extension. If prices push down further, it might take support from 2nd support which is a horizontal swing low support in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.95740

Reason for Entry:

Horizontal swing low support, 50% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 0.96208

Reason for Take Profit:

Horizontal swing high resistance, 78.6% Fibonacci retracement, 161.8% Fibonacci extension

Stop Loss: 0.95574

Reason for Stop Loss:

Horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement

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