AUDCAD Potential For Dips | 2nd Dec 2021

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Prices are on a bearish momentum and abiding to our bearish trendline. We see potential for continuous dip from our 1st resistance at 0.9132 in line with 50% and 23.6% Fibonacci retracement and also graphical overlap towards our 1st support at 0.90645 in line with 61.8% Fibonacci extension and 78.6% Fibonacci extension. Breaking the 1st support will find prices dipping further towards our 2nd support at 0.90237 in line with 100% Fibonacci extension and 127.2% Fibonacci extension which is a graphical swing low. RSI is showing bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 0.91638 in line with 38.2% Fibonacci retracement.

Trading Recommendation

Entry: 0.9132

Reason for Entry:

50% and 23.6% Fibonacci retracement and also graphical overlap

Take Profit: 0.90645

Reason for Take Profit:

61.8% Fibonacci extension and 78.6% Fibonacci extension

Stop Loss: 0.90237

Reason for Stop Loss:

100% Fibonacci extension and 127.2% Fibonacci extension which is a graphical swing low

The material has been provided by InstaForex Company - www.instaforex.com

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