Technical analysis of AUD/CAD for November 17, 2016

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AUD/CAD found the resistance at 1.0400 and declined sharply.
While moving down, the pair broke below the uptrend trendline and continued trading
below both 50 and 200 moving averages.

Fibonacci applied to the trendline breakout point shows that the pair broke below 23.6% Fibs support (1.0033) and now could be ready to move
lower to test next support level.

Consider selling AUD/CAD while the rate is near 1.0030,
targeting 0% Fibs (0.9920). The suggested stop loss should be above 1.0050.

Support: 0.9920

Resistance: 1.0033, 1.0100

audcad_insta.png

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex

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