AUDCAD Testing Major Support, Look For The Bounce
Buy above 0.9737. Stop loss at 0.9698. Take profit at 0.9809.
Reason for the trading strategy (technically):
AUDCAD is testing major support at 0.9737 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a strong bounce could occur at this level to push prices all the way up to major resistance at 0.9809 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above 5.8% where a corresponding bounce could occur.
Reason for the trading strategy (technically):
AUDCAD is testing major support at 0.9737 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a strong bounce could occur at this level to push prices all the way up to major resistance at 0.9809 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above 5.8% where a corresponding bounce could occur.