Since June 29, AUD/CAD
has been ranging between 0.9410 and 0.9430. On Audust 04, the price broke above the rangefollowed by a heavy volume breaking though an ascending channel at the same time.
After the breakout, the price broke above the 38.2% Fibonacci
resistance and failed to test the 23.6% resistance level of the Fibs applied to
the channel breakout point. The current corrective move down could be a good buying opportunity as the price is testing S1
(0.9633) support level, which is the channel breakout point.
Consider buying AUD/CAD tomorrow or in the beginning of the
next week, while the price is near S1 targeting the nearest resistance level – R2
(0.9754). A close below S2 in the H4 chart could be a signal to liquidate the long
position.
Support: 0.9633 and 0.9580
Resistance: 0.9688,
0.9754, and 0.9862
The material has been provided by InstaForex Company – www.instaforex.com
