FX.co ★ AUDCAD is approaching descending trendline resistance, potential for a reversal!

Price is facing bearish pressure from our descending trendline resistance and Ichimoku cloud, in line with our bearish bias. Price could potentially reverse at our 1st resistance at 0.98153, which is in line with our 61.8% Fibonacci retracement and 78.6% Fibonacci extension, towards our 1st support at 0.97863, which is line with our 100% Fibonacci extension. Ichimoku cloud is also showing bearish pressure in line with our analysis.

Trading Recommendation

Entry: 0.98153

Reason for Entry:

78.6% Fibonacci extension, 61.8% Fibonacci retracement and horizontal overlap resistance

Take Profit: 0.97863

Reason for Take Profit:

100% Fibonacci extension and horizontal swing low support

Stop Loss: 0.98340

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing high resistance