• May 18, 2024
  • Trade ideas

AUDCAD: Crucial Support Zone

AUDCAD, Daily

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In the daily timeframe, AUDCAD tests the crucial support zone at the 0.8830 level, aligned with the golden Fibonacci ratio and a global trendline. 200-MA adds an extra layer of support for the asset.

• If the price rebounds from the support zone, the asset could rise to 0.8890.

• Alternatively, breaching the 0.8830 support level may lead to a decline towards 0.8730 support.

Conclusion

In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.

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Author: Timur Yurdagyul