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AUD/CAD - One Week Of Correction And Return To Uptrend

Published 01/15/2016, 08:42 AM
Updated 03/09/2019, 08:30 AM

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.

AUD/CAD Daily Chart

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.

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