06.10.201611:38 Forex Analysis & Reviews: Technical analysis of AUD/CAD for October 6, 2016

Long-term review

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AUD/CAD started to move lower as projected in the previous analysis. However, the pair is poised to test the 0% Fibs (1.0000) target. This level is an important technical and psychological support level that should be watched closely. Break below it could change the direction of the trend from up to down, but first the pair is likely to consolidate.

Consider holding shorts at 1.0070, targeting 1.0000. At this point the stop loss can be moved to the breakeven level.

Support: 1.0058, 1.0035, 1.0000

Resistance: 1.0077, 1.0095

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