easyMarkets
Short

AUDCAD approaching resistance, potential drop!

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD is approaching our first resistance at 0.9804 (horizontal swing high resistance, 61.8%, 78.6% Fibonacci retracement , 100% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 0.9550 (horizontal swing low support, 61.8% Fibonacci extension , 38.2% Fibonacci retracement ).
Stochastic (89,5,3) is also approaching resistance and seeing a bearish divergence where we 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.
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