AUD/CAD - 0.9740 level will finish the correction?
Since January after two months of uptrend, there is a correction on AUD/CAD. Correction reached Fibonacci 38,2% of the last upward movement. Price dynamically rebounded but falls were back quickly and since January 20 there is another downward impulse. It is likely that AUD/CAD will form ABC simple correction. Target for falls when A=C is 0.9740.
The indicated level is a combination of 3 factors:
1) strong support from 2015,
2) mentioned equation A=C,
3) Fibonacci 50% retracement of last upward movement.
Alternatively break above level 1.0080 will be a signal that current correction may be finished. Nearest supports: 0.9830, 0.9740. Nearest resistances: 1.0080, 1.0160.
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.