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AUDCAD Faces Correctional Bearish Waves – Forecast for June 21, 2024

AUDCAD Price Analysis

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The AUDCAD price has recently confirmed the end of its bullish momentum by encountering the 61.8% Fibonacci correction level at 0.9173. This development signals the initiation of correctional bearish waves in the market, with expectations for the price to settle near 0.9100.

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Expected Scenario

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Today’s forecast suggests a bearish outlook for AUDCAD trading, influenced by the stochastic indicator showing attempts to generate negative momentum. This reinforces the expectation of further downside movement in upcoming trades, targeting the 50% Fibonacci correction level at 0.9055. A break below this level could extend losses towards 0.9025 and 0.8990 respectively.

Traders should be prepared for potential bearish continuation as the price adjusts following the recent bullish rally and encounters Fibonacci retracement levels.

Expected Trading Range

The expected trading range for AUDCAD is between 0.9130 and 0.9055. These levels are crucial for monitoring price movements and assessing potential entry and exit points based on the bearish forecast.

Trend Forecast

The trend forecast for AUDCAD is bearish for today’s trading session, reflecting the correctional bearish waves anticipated after the recent bullish advance and the technical indications pointing towards potential downward movement.

Traders are advised to monitor price action closely within the specified trading range, considering strategic trading decisions aligned with the bearish trend forecast for AUDCAD.

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