Trading opportunities for the currency pair: the course AUD / CAD 15 weeks is in a sideways trend. Because it is expected the price breaks down. The script is activated in the breakdown zone 0,9780-0,9799. For purposes I propose to examine the levels of 0.9718 and 0.9668. Forecast canceled when closing daily candle above 0.9941.
The latest idea for the currency pair AUD / CAD did 07.18.16. At the time of its publication the Australian quoted the Canadian dollar at 0.9806. Shopping examined from the area 0.9723 - 0.9748 with the targets of 1.0000 and 1.1040. The new phase of growth of pair started exactly from the area at the level of 0.9730. The objectives were achieved in early August. Old outlook remained on the chart .
AUD / CAD exchange rate strayed from the trend line TL3 (H1.0350-H1.0169). For seven weeks, the price returned to the level of 0.9761. Since mid-August, the Australian is in a sideways trend. The technical picture points to a further weakening of the Australian dollar. Course AUD / CAD has corrected by 50% by the descending wave from 1.0121 to 0.9761 and over the past week decreased to correctional channel's lower border.
In this idea I am considering a scenario to reduce. The script is activated in the breakdown zone 0,9780-0,9799.For purposes I propose to examine the levels of 0.9718 and 0.9668. TP1 is a 50% level of the advance from 0.9324 to 1.0121, TP2 - 162% from the correction channel which is now a couple. If the pressure will increase in the Australian currency, then it is possible bude t consider TP3 - 0,9589.
Legend: TL (Trend line) - the trend line, R (resistance) - resistance, S (support) - Support.
Fig. 1 Day period