AUDCAD approaching resistance, potential drop!
AUDCAD is approaching our firsts resistance at 0.9471 (horizontal overlap resistance, 38.2% Fibonacci retracement, 100% Fibonacci extension, Elliot wave structure) where a strong drop might occur below this level pushing price down to our major support at 0.9332 (100% Fibonacci extension, Elliot wave structure). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results