FX.co ★ AUDCAD Potential for Bearish Drop towards overlap support

Description :

Looking at the H4 chart, my overall bias for AUDCAD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a pullback sell entry at 0.93802, where the overlap resistance and 50% Fibonacci line is. Stop loss will be at 0.94982, where the recent swing high is. Take profit will be at 0.91709, where the overlap support and 78.6% Fibonacci line is.

Trading Recommendation

Entry: 0.93802

Reason for Entry: overlap resistance and 50% Fibonacci line

Take Profit: 0.91709

Reason for Take Profit:

Previous swing high