FX.co ★ AUDCAD facing bullish pressure, potential for more upside!

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