Fxwirepro: Audcad Consolidating Wednesday’s Drop, Holds Above 61.8% Fib of Sept-Dec Rally

• AUDCAD is consolidating Thursday’s drop, Spinning top formation evidenced on Thursday's trade.
   
• The is holding above the 61.8% Fib retrace level of the Sept-Dec rally, further near-term consolidation likely. 
   
• Medium-term bias remains bearish, breaks below 61.8% Fib (0.9539) cloud see weakness reesume.
   
• Downside finds next major support at 0.9434 (Nov 17th lows), breaks below will see next support at 0.9361 (Oct 16th lows).
   
• Resistance on the upside aligns at 0.9652 (5-DMA), 0.9692 (200-DMA) and 0.9750 (trendline support turned resistance).
   

The material has been provided by InstaForex Company – www.instaforex.com