FX.co ★ AUDCAD reacting on key support! Potential for Bounce!

AUDCAD testing key support and recent low. We see a short term bounce opportunity above our 1st support at 0.92723 towards descending trendline resistance and 1st resistance at 0.93069. Stochastics is reacting above support where price bounced in the past as well.

Trading Recommendation

Entry: 0.92723

Reason for Entry:

50% Fibonacci retracement, Graphical swing low support

Take Profit: 0.93069

Reason for Take Profit:

Descending trendline resistance, graphical overlap resistance

Stop Loss: 0.92534

Reason for Stop Loss:

61.8% Fibonacci retracement level