AUDCAD testing resistance, potential drop!
AUDCAD is testing our first resistance at 0.9717 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 0.9644 (horizontal pullback support, 50% Fibonacci retracement).
Stochastic is also seeing a bearish divergence and is approaching resistance where a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic is also seeing a bearish divergence and is approaching resistance where a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results