AUD/CAD - Rebound From Support Near 0.9730
FxGrow | Feb 10, 2016 07:08AM ET
AUD/CAD
Since the beginning of January AUD/CAD moved down. In this particular time, support at area 0.9820 - 0.9840 stopped declines. Yesterday this support was broken below and price sharply fell 100 pips reaching 0.9730. Support at 0.9730 is very strong, it can be seen at weekly TF. Price rebounded at indicated level and upward movement continues today.
Currently there is attempt of return above area 0.9820 - 0.9840 and according to the rule of poles changing it is now resistance. If demand breaks above next target for upward movement will be 0.9970. However if supply wins and price falls below 0.9820, nearest target for falls will be at 0.9730.
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.