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 sell entry at 0.93032, for price to break the minor low to ride the bearish momentum. Stop loss will be at 0.93802, where the overlap resistance is. Take profit will be at 0.91709, where the overlap support and 78.6% Fibonacci line is.

Trading Recommendation

Entry: 0.93032

Reason for Entry: price to break the minor low to ride the bearish momentum

Take Profit: 0.91709

Reason for Take Profit:

overlap support and 78.6% Fibonacci line is.

Stop Loss: 0.93802

Reason for Stop Loss:

overlap resistance