Price Action: Today AUD/CAD had a confirmed clean bounce off the Fibonacci support at 0.9325. This is 427.2% Fibonacci retracement level, where Fibs was applied to the corrective wave up after price broke below the 200 Simple and Exponential Moving Average . The most recent price action shows a steep decline produced by AUD/CAD , but at some point, it should end. Perhaps today this was the time when the price can finally correct to the upside, or maybe even initiate a long term uptrend. Nonetheless, to confirmed the long-term bullish sentiment price must break above the key resistance, over 150 pips away from the current price. The resistance is located at 0.9536 and is confirmed by 2 Fibonacci retracement levels. One being the 61.8% Fibs applied to the September-October overall downside move. Another one is the 23.6% Fibs applied to the previously made corrective wave up. This resistance also corresponds to the downtrend trendline as well as the 200 Simple Moving Average . Based on the time when the downtrend trendline is crossing with the key resistance, AUD/CAD could be reaching the 0.9537 level in just several days, potentially sometime next week. Regarding the downside risk, daily and/or 4-hour break and close below the low produced today will invalidate bullish forecast, in which case either the downtrend continuation or a range training can be expected. Key support levels: 0.9325, 0.9444, 0.9536 Key resistance levels: 0.9390 Thanks for reading and we appreciate your support!



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