FX.co ★ AUDCAD is approaching resistance, potential reversal

Price is approaching our first resistance level, in line with our horizontal pullback resistance, descending trend line, 78.6% fibonacci extension and 61.8% fibonacci retracement where we could see a reversal below this level. The Ichimoku cloud and 100 period EMA are showing signs of bearish pressure as well.

Trading Recommendation

Entry: 0.95159

Reason for Entry:

horizontal pullback resistance, descending trend line, 78.6% fibonacci extension and 61.8% fibonacci retracement

Take Profit: 0.94258

Reason for Take Profit:

61.8% fibonacci extension, horizontal swing low support

Stop Loss: 0.95607

Reason for Stop Loss:

Horizontal swing high resistance