AUD/CAD Trade Set up 20012014

This pair is turning bullish after creating higher high and higher low on weekly.

Today price is breaking out of long term consolidation pattern on H1.

Charts speaks for themselves loud and clear. So here are weekly and H1 timeframe charts.

AUD/CAD Monthly Analysis Dec 2013

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.

AUD/CAD Monthly Chart Dec 2013