AUDCAD approaching support, potential bounce!
AUDCAD is approaching our first support at 0.9422 (horizontal overlap support, 38.2%, 61.8% Fibonacci retracement, 100% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 0.9478 (horizontal swing high resistance, 61.8% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (34) is also approaching support and seeing a bullish exit where we might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is also approaching support and seeing a bullish exit where we might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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