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AUDCAD preparing for a strong bounce

Oleh Tickmill
Broker

AUDCAD is seeing major support above our 0.9782 zone (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and a strong bounce could occur above this level to push price up to major resistance at 0.9876 (Fibonacci extension, horizontal swing high resistance). We are seeing intermediate resistance with our descending resistance line and price would need to break past that level to gain further bullish momentum.

Stochastic (34,5,3) is seeing major support above 1.7% support but also sees intermediate resistance with our descending resistance.

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Tickmill
Broker
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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