AUD/CAD - One Week Of Correction And Return To Uptrend
FxGrow | Jan 15, 2016 08:42AM ET
AUD/CAD - one week of correction and return to uptrend
Bulls strikes back on AUD/CAD. New year started with falls after almost vertical upward movement which lasted in November and December last year. After two months of upward movement without any correction, supply expected deeper correction. I assumed that should make rebound was 0.9740 where support coincides with Fibonacci 50%. Demand was stronger and after reached to Fibonacci 38,2%, new week began with dynamic uptrend movement. If momentum will be still so strong, we can see "V bottoms" pattern. Nearest resistances: 1.0110, 1.0200, 1.0310. Nearest supports: 0.9940, 0.9820, 0.9740.
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