easyMarkets

AUDCAD approaching support, potential bounce!

Long
FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD is approaching our first support at 0.9422 (horizontal overlap support, 38.2%, 61.8% Fibonacci retracement, 100% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 0.9478 (horizontal swing high resistance, 61.8% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (34) is also approaching support and seeing a bullish exit where we might see a corresponding rise in price.
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