AUDCAD facing bearish pressure, potential for further downside!

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Price is facing bearish pressure as it continues to hold below both descending trendline and Ichimoku cloud resistance, in line with our bearish bias. We could potentially see price reverse at 1st resistance, in line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback resistance, and further downside towards 1st support, in line with 78.6% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 0.93879

Reason for Entry:

38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback resistance

Take Profit: 0.93391

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing low support

Stop Loss: 0.94315

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance

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

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