AUDCAD facing bullish pressure, potential for further upside!

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Prices are facing bullish pressure as prices are taking support from horizontal swing low support in line with 61.8% Fibonacci retracement and 50% Fibonacci extension. Prices might push up towards horizontal swing high resistance in line with 78.6% Fibonacci extension and -27.2% Fibonacci retracement. If prices push down, prices might take support on 2nd support in line with horizontal swing low support, 127.2% Fibonacci retracement and 100% Fibonacci extension. EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1855.440

Reason for Entry:

Horizontal pullback support, 61.8% Fibonacci retracement, 161.8% Fibonacci extension

Take Profit: 1880.688

Reason for Take Profit:

-27.2% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 1844.105

Reason for Stop Loss:

Horizontal swing low support, 50% Fibonacci retracement, 78.6% Fibonacci extension

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

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