AUD/CAD Reaches Lower Limit Of Bearish Channel
FxGrow | Feb 29, 2016 01:21PM ET
AUD/CAD - reached lower limit of bearish channel
Friday brought huge selloff at AUD/CAD. Falls ranging almost 200 pips during just one session certainly isn't a common picture. Bears broke three important supports 0.9820, 0.9730, 0.9650. Today's rebound started by bulls finished with a long upper shadow on the chart. Potential test of channel lower limit gives a change for a rebound. Support located at area 0.9600 - 0.9650 may also help with the rebound move. However, any upward movement should be treated as correction. Nearest resistances are located at levels: 0.9650, 0.9730, 0.9820.
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