FX.co ★ AUDCAD facing bearish pressure, potential for further drop

Price is facing bearish pressure from our first resistance level, in line with our horizontal overlap resistance, descending trend line, 78.6% fibonacci extension and 23.6% fibonacci retracement where we could see a reversal below this level. The Ichimoku cloud is showing signs of bearish pressure as well.

Trading Recommendation

Entry: 0.94537

Reason for Entry:

horizontal overlap resistance, descending trend line, 78.6% fibonacci extension and 23.6% fibonacci retracement

Take Profit: 0.93893

Reason for Take Profit:

100% fibonacci extension

Stop Loss: 0.94934

Reason for Stop Loss:

Horizontal swing high resistance, 50% fibonacci retracement