AUDCAD Approaching Pivot, Potential For Reversal | 22 June 2021
AUDJPY pushing higher, coming close to descending trendline resistance and 50% Fibonacci retracement. A short-term intraday drop below our entry at 0.93302 towards our take profit at 0.92616 could be possible. Our take profit is a strong confluence zone where we have a graphical swing low support and multiple key Fibonacci levels lining up. MACD is below 0 with no sign of divergence, showing room for further bearish momentum as well.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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