AUD/CAD - New Upward Wave Or Triple Top Pattern
FxGrow | Nov 20, 2015 07:29AM ET
AUD/CAD - new upward wave or triple top pattern
Previous analysis of November 12 gave a profit more than 100 pips. I wrote: "AUD/CAD may test 0.9490. After break above this level, target for the demand is at 0.9580, but fast break above is unlikely. If price rebounds, next supports will be located at: 0.9440, 0.9370." So it happened, price after reaching 0.9580 level rebounded and correction lasted a one week. Correction ended 8 pips below level pointed in analysis at 0.9432.
Today upward movement reached 0.9600 level. Triple top pattern may complicate breaking above this resistance If it succeeds, next target for demand are at levels: 0.9630, 0.9740. A little higher than 0.9740, there is a downtrend line and that level certainly will make rebound and return to main trend, which is downtrend. However if there was rebound right now, nearest supports are at levels: 0.9490, 0.9440.
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.
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