Tickmill

AUDCAD approaching major resistance, watch for a potential drop!

Short
FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD is fast approaching major resistance at 0.9705 ( Fibonacci retracement , Fibonacci extension , horizontal overlap resistance) and a strong reaction could occur at this level to push prices all the way down to major support at 0.9644 ( Fibonacci retracement , horizontal pullback support).
Stochastic (89,5,3) is seeing major resistance at 91% where a corresponding reaction could occur.
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This analysis is provided as general market commentary and does not constitute investment advice.