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    Technical analysis of AUD/CAD for March 23, 2016 2016-03-23

    AUD/CAD has been ranging for the past few weeks between 0.9900 and 1.0020. But on the 18th of March, price managed to produce new low breaking the support area and at the same time the 161.8% retracement level of the Fibonacci channel.

    It seems that price is producing lower lows and lower highs which could be a sign of a potential correction down. The Fibonacci retracement applied to the first corrective wave after the support breakout shows potential downside targets, S2 (0.9800) or S3 (0.9700). Both of these targets correspond with the Fib channel trend lines.

    Consider selling AUD/CAD while the price is near R1 (0.9980), targeting one of the support levels, either S2 or S3. The stop loss should be just above the 1.0000 psychological resistance level.

    Support: 0.9865, 0.9800, 0.9700

    Resistance: 0.9980, 1.0000

    AUDCAD_INSTA.png

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