AUD/CAD Under Pressure Amid Bearish Momentum
Tickmill | Jan 13, 2022 02:57AM ET
Type: Bearish reversal
Key Levels: Resistance: 0.91349, pivot: 0.91066 and support: 0.90379
Preferred Case: AUD/CAD is gathering bearish momentum.
We see the potential for a pullback from our pivot at 0.91066 which is an area of Fibonacci confluences towards our 1st support at 0.90379 in line with 78.6% Fibonacci retracement.
Our bearish bias is further supported by prices trading below our Ichimoku clouds and RSI is at a level where dips previously occurred.
Alternative Scenario: Alternatively, prices may go towards our 1st resistance at 0.91349 in line with 50% Fibonacci retracement.
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