Seemingly, AUD/CAD has found the strong resistance near 1.0150 and
after forming double top started to move lower. The pair broke below the ascending
channel and both the 50 and 200 Moving Averages.
Fibonacci applied to the channel breakout point shows that
AUD/CAD broke below the 23.6% support level (1.0035) and after a corrective
wave up rejected 61.8% Fibs (1.0095).
Overall, it looks like the trend is about to change to the downside,
or at least a correction down can be expected. Consider selling AUD/CAD at
the current level (1.0070) targeting 0% Fibs (1.0000) which is also a strong psychological
support level. The stop loss should be just above 1.1000.
Support: 1.0058, 1.0035, 1.0000
Resistance: 1.0077, 1.0095
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of AUD/CAD for October 5, 2016 appeared first on forex-analytics.press.