FX.co ★ AUDCAD potential for further downside beyond pivot, further drop incoming!

AUDCAD is currently hovering above 1st resistance in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. If prices break through 1st resistance, a further drop is expected towards horizontal overlap support in lie with 50% Fibonacci retracement and 50% Fibonacci extension. If prices reverses from 1st resistance, prices might face resistance from 127.2% Fibonacci retracement and 78.6% Fibonacci extension. MACD is also showing a bearish crossover, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.93642

Reason for Entry:

Horizontal swing low support, 61.8% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 0.93305

Reason for Take Profit:

Horizontal overlap support, 50% Fibonacci extension, 50% Fibonacci retracement

Stop Loss: 0.93840

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% Fibonacci extension, 127.2% Fibonacci retracement