AUDCAD approaching support, potential bounce!
AUDCAD is approaching our first support at 0.9368 (horizontal pullback support, 23.6% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur pushing price up to our major resistance at 0.9484 (horizontal swing high resistance, 100% Fibonacci extension). RSI (34) is also seeing a bullish exit and we might see a corresponding rise in price. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
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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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