AUD/CAD - Will 0.9740 Level Finish The Correction?
FxGrow | Jan 27, 2016 08:06AM ET
AUD/CAD - 0.9740 level will finish the correction?
Since January after two months of uptrend, there is a correction on AUD/CAD. Correction reached Fibonacci 38,2% of the last upward movement. Price dynamically rebounded but falls were back quickly and since January 20 there is another downward impulse. It is likely that AUD/CAD will form ABC simple correction. Target for falls when A=C is 0.9740.
The indicated level is a combination of 3 factors:
1) strong support from 2015,
2) mentioned equation A=C,
3) Fibonacci 50% retracement of last upward movement.
Alternatively break above level 1.0080 will be a signal that current correction may be finished. Nearest supports: 0.9830, 0.9740. Nearest resistances: 1.0080, 1.0160.
Time-frame H4:
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.