AUDCAD had been moving for 1,5 months in uptrend until the investors realized their profits. The correction movement was caused by the proximity of the psychological 1.000 level. Today AUDCAD has rebounded from the support 0.9740 (below that level is located 38.2% Fibonacci retracement).

It is likely that the simple ABCD correction will occur. The price should fall below 0.9740 level next week in such scenario. New uptrend movement may start from the level of 0.9660 (look at the green lines on the chart below). Alternative scenario is that the demand is strong enough and there won’t be new low (blue line on the chart).

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AUDCAD_D1

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.