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FX.co ★ AUDCAD approaching 1st support, potential for bounce!

AUDCAD approaching 1st support, potential for bounce!

AUDCAD approaching 1st support, potential for bounce!

Price is approaching our 1st support, in line with our 23.6%, 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support. We could potentially see a bounce and further rise up towards 1st resistance, in line with our 61.8% Fibonacci extension and horizontal swing high resistance. Price is also holding above the moving average support, showing bullish pressure in line with our bullish bias.

Trading Recommendation

Entry: 0.96885

Reason for Entry:

23.6%, 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support

Take Profit: 0.92799

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.96516

Reason for Stop Loss:

38.2% Fibonacci retracement and horizontal swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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