After reaching the top near 1.0350, AUD/CAD reversed down and broke below the 200 Moving Average suggesting that the trend is changing. The price continued to move lower while rejecting the downtrend trendline.
The pair formed the support near 0.9850 area, however this support has been broken and currently is acting as a resistance. Fibonacci applied to last corrective wave up, where the 0.9850 support and the downtrend trendline were rejected, shows potential downside targets.
Consider selling AUD/CAD at the current rate (0.9830), targeting either 161.8% (0.9728) and 261.8% (0.9631) or 361.8% (0.9535) Fibonacci retracement levels. The suggested stop loss is 0.9885.
Support: 0.9788, 0.9728, 0.9632, 0.9535
The material has been provided by InstaForex Company – www.instaforex.com