Type: Bearish ReversalKey Levels:Resistance: 0.92869Pivot: 0.92679Support: 0.9242Preferred Case:Price is abiding to a descending trendline resistance on the daily, signifying an overall bearish momentum. We can expect price to drop from pivot level in line with 50% Fibonacci retracement towards 1st Support in line with 38.2% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance. Alternative Scenario:Alternatively, price could push higher to 1st Resistance in line with horizontal swing high and 78.6% Fibonacci projection.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/audcad-h4-or-potential-bearish-drop"
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