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AUD/CAD Could Fall

Published 01/27/2022, 05:29 AM
Updated 03/28/2023, 03:20 AM

Type: Bullish breakout

Key Levels: Resistance: 1.1273, Pivot: 1.12471, and Support: 1.1187

Preferred Case: AUD/CAD is on bearish momentum and abiding by 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.AUD/CAD 4-hour chart.

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