AUDCAD potential for further downside beyond pivot, further drop
AUDCAD is currently hovering above 1st resistance in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. If prices break through 1st resistance, a further drop is expected towards horizontal overlap support in lie with 50% Fibonacci retracement and 50% Fibonacci extension. If prices reverses from 1st resistance, prices might face resistance from 127.2% Fibonacci retracement and 78.6% Fibonacci extension. MACD is also showing a bearish crossover, showing a bearish pressure for prices.
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