FxGrow Daily Technical Analysis – 01st Dec, 2015
By FxGrow Research & Analysis Team
AUDCAD - break above strong resistance, nearest target 0.9750
Today AUDCAD break above strong resistance at 0.9660 and with strong upward candle moving toward next resistance. So high was for the last time in August 2015. During few next sessions it could be a withdrawal and descent should be stopped at new support 0.9660. If another resistance will be break above next base level for bulls can be found at: 0.9870 but it will be hard what I show below.
Wider view, time-frame W1
Since march 2014 AUDCAD moves in downward trend what confirms lower highs and lower lows. However since September 2015 there is a rebound, which is moving to resistance coincides with fibo 50% and downtrend line. Pointed level which should stopped upward movement is 0.9750. Its easy break above will not be easy and should be preceded by consolidation, otherwise the price can quickly return to a downtrend.
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