Seemingly, AUD/CAD has found the strong resistance near 1.0150 and after forming double top started to move lower. The pair broke below the ascending channel and both the 50 and 200 Moving Averages.
Fibonacci applied to the channel breakout point shows that AUD/CAD broke below the 23.6% support level (1.0035) and after a corrective wave up rejected 61.8% Fibs (1.0095).
Overall, it looks like the trend is about to change to the downside, or at least a correction down can be expected. Consider selling AUD/CAD at the current level (1.0070) targeting 0% Fibs (1.0000) which is also a strong psychological support level. The stop loss should be just above 1.1000.
Support: 1.0058, 1.0035, 1.0000
Resistance: 1.0077, 1.0095
From www.instaforex.com http://ift.tt/2cT11EG
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