FxGrow Daily Technical Analysis 08th Jan, 2015

Posted By FxNewInfo.com Posted On 10 January 2016

FxGrow Daily Technical Analysis – 08th Jan, 2015
By FxGrow Research & Analysis Team

AUDCAD - support at 0.9870 paused correction

Previous analysis was extremely precise. I pointed that currency is overbought and correction may occur in a moment, I wrote: "Correction may begin at every moment, however it is likely that current movement will lead price to supports at 1.0130 or 1.0200. If one of that levels will cause rebound, nearest support is at 0.9970 level". So it happened and price shadow (wick of the candle) exceeded firstly pointed level about 37 pips and dynamic correction occured.

AUDCAD doesn't like movement in consolidation and by the fact, that upward move which lasted since the beginning of November was almost vertical now correction could be also dynamic. First support at 0.9970 was broken below and a pause in declines caused second support test at 0.9870. If there will be a breakout of that level next stronger support is located in 0.9730 area (conicided with Fibonacci 50%). At one of that supports rebound should occur and it shows current strength of demand.

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

Related Posts

FxNewInfo.com - The Website will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts. Please be fully informed regarding the risks and costs associated with trading the Forex Markets, it is one of the riskiest investment forms possible. Currency forex trading on margin involves high risk, and is not suitable for all investors. Before deciding to forex trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.