AUDCAD potential bearish momentum | 1st Oct

1 oct. 2021

Price is currently trading in a descending trend line . We see a potential sell entry at 0.91854 which is in line with our Fibonacci Retracement level of 50%. Price can potentially head towards its take profit level of 0.9134 which is in line with our Fibonacci extension level of 88%. Alternatively, our stop loss level is placed at 0.9062 which is the resistance of the trend line and in line with our Fibonacci extension level of 78.6% and Fibonacci retracement level of 38.2%. Our bearish bias is further supported by the ichimoku cloud indicator.

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