The AUD/CAD pair is testing its resistance at 0.9565 (100% Fibonacci extension, 61.8% & 76.4% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9465 (38.2% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is anticipated.
AUD/CAD is testing its resistance where we expect to see a reversal.
Sell below 0.9565. Stop loss at 0.9628. Take profit at 0.9465.
The material has been provided by InstaForex Company – www.instaforex.com