FxWirePro: AUD/CAD medium-term technical outlook
Thursday, May 26, 2016 6:23 AM UTC
- 'Bullish Bat' pattern evidenced on AUD/CAD weeklies.
- Potential Reversal Zone (Buy Area): 0.9325-0.9270.
- Bullish invalidation below 0.9140, drag till 0.90 then likely.
- Upside has scope for test of 0.96 (38.2% Fib of 1.00538 to 0.93243 fall).
- Resistance Levels: R1: 0.95, R2: 0.9540 (61.8% Fib retrace of 0.9150 to 1.0169 rise), R3: 0.96 (38.2% Fib of 1.00538 to 0.93243 fall).
- Support Levels: S1: 0.9245 (Oct 2015 lows), S2: 0.9150 (Aug 2015 lows), S3: 0.90 (Mar 2009 lows).