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04.08.201509:39 Forex Analysis & Reviews: Technical analysis of AUD/CAD for August 6, 2015

Long-term review

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Since June 29, AUD/CAD has been ranging between 0.9410 and 0.9430. On Audust 04, the price broke above the rangefollowed by a heavy volume breaking though an ascending channel at the same time.

After the breakout, the price broke above the 38.2% Fibonacci resistance and failed to test the 23.6% resistance level of the Fibs applied to the channel breakout point. The current corrective move down could be a good buying opportunity as the price is testing S1 (0.9633) support level, which is the channel breakout point.

Consider buying AUD/CAD tomorrow or in the beginning of the next week, while the price is near S1 targeting the nearest resistance level - R2 (0.9754). A close below S2 in the H4 chart could be a signal to liquidate the long position.

Support: 0.9633 and 0.9580

Resistance: 0.9688, 0.9754, and 0.9862

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