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FX.co ★ Technical analysis of AUD/CAD for November 17, 2016

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Forex Analysis

2016-11-17T12:31:40
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Technical analysis of AUD/CAD for November 17, 2016

AUD/CAD found the resistance at 1.0400 and declined sharply. While moving down, the pair broke below the uptrend trendline and continued trading below both 50 and 200 moving averages.

Fibonacci applied to the trendline breakout point shows that the pair broke below 23.6% Fibs support (1.0033) and now could be ready to move lower to test next support level.

Consider selling AUD/CAD while the rate is near 1.0030, targeting 0% Fibs (0.9920). The suggested stop loss should be above 1.0050.

Support: 0.9920

Resistance: 1.0033, 1.0100

Technical analysis of AUD/CAD for November 17, 2016

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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