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AUDCAD, H4 | Potential Bearish Drop

Preference:

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.

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