AUDCAD Approaching Major Resistance, Prepare To Sell
Sell below 0.9839. Stop loss at 0.9885. Take profit at 0.9750.
Reason for the trading strategy (technically):
AUDCAD is fast approaching major resistance at 0.9839 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices all the way down to major support at 0.9750 (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.
Reason for the trading strategy (technically):
AUDCAD is fast approaching major resistance at 0.9839 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices all the way down to major support at 0.9750 (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.