AUDCAD, H4 | Potential For Bearish Dip

30927 audcad h4 potential for bearish dip

Type: Bullish BreakoutKey Levels:Resistance: 1.1273Pivot: 1.12471Support: 1.1187Preferred Case:Prices are on bearish momentum and abiding to our descending trendline. We see the potential for further bearish momentum from our Pivot at 1.12471 in line with 78.6% Fibonacci retracement towards our Take Profit at 1.1187 in line with 100% Fibonacci retracement, 161.8% FIbonacci Projection and 61.8% Fibonacci extension. Prices are trading below our Ichimoku clouds, further supporting our bearish bias.Alternative Scenario:Alternatively, prices may climb towards our 1st resistance at 1.1273 in line with our descending trendline resistance.

Source: Tickmill

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