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

Price is facing bearish pressure as it continues to hold below the descending trendline and Ichimoku cloud resistances, in line with our bearish bias. We could potentially see a reversal at 1st resistance, in line with 78.6% Fibonacci retracement, 100% Fibonacci extension, horizontal swing high resistance and descending trendline resistance, and further downside towards 1st support, in line with 61.8% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 0.92819

Reason for Entry:

78.6% Fibonacci retracement, 100% Fibonacci extension, horizontal swing high resistance and descending trendline resistance

Take Profit: 0.92487

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 0.92979

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance