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Audcadsetup

Confluence Set Up AUDCAD for Potential RallyAUDCAD reversed from a daily ascending trendline that lined up with 61.8 Fibonacci retracement of the advance from 0.8903 and broken out of daily descending trendline. Price also broke the daily counter trend line structure and it's currently retesting it inline with key support, and descending trendline. Price has the potential to move higher from or near the current level and rally towards the resistance with 1.236 and 1.618 extensions as indicated on the chart. This setup remains valid as long as the Invalidation Level at 0.8966 remains intact. What're your thoughts about AUDCAD? Let's discuss this in the comment. Good Luck! Veejahbee
Long
by Veejahbee
AUDCAD potential reversal! AUDCAD expected to rise up to 1st resistance at 0.90880 where it could potentially react off and drop down to 1st support at 0.90174. *Disclaimer.* Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Short
by Pepperstone
AUDCAD reversed from resistance, potential drop! AUDCAD reversed off its resistance at 0.90880 where it could potentially drop further to 0.90174. *Disclaimer.* Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Short
by Pepperstone