This pair is in downtrend on monthly after breaking long term support at 0.99400 in June 2013.
In Oct and Nov 2013 it retested the same level and rejected it which is 50% Monthly Bear FIB level.
In Dec 2013 it broke support at 0.95948 resuming its downtrend which is likely to be tested in Jan 2014.
In my opinion 0.95900 is the place to enter sell limit orders as price is expected to retest and reject this level.
Target: If we go by monthly chart
Target 1 is 100 Bear FIB Level 0.91750 and
Target 2 is 161.8 Bear FIB level 0.82100.
In Oct and Nov 2013 it retested the same level and rejected it which is 50% Monthly Bear FIB level.
In Dec 2013 it broke support at 0.95948 resuming its downtrend which is likely to be tested in Jan 2014.
In my opinion 0.95900 is the place to enter sell limit orders as price is expected to retest and reject this level.
Target: If we go by monthly chart
Target 1 is 100 Bear FIB Level 0.91750 and
Target 2 is 161.8 Bear FIB level 0.82100.
 |
| AUD/CAD Monthly Chart Dec 2013 |
