AUDCAD approaching support, potential bounce!

٢٢ مايو ٢٠١٨

AUDCAD is approaching our first support at 0.9665 (horizontal overlap support) and a strong bounce might occur above this level pushing price up to our major resistance at 0.9740 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout above our intermediate resistance at 0.9709 (horizontal overlap resistance, 23.6% Fibonacci retracement) might provide the bullish acceleration to our major resistance target. Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
RSI (89) is also seeing a bullish exit in line with our bullish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.