AUD/CAD approaching support, potential bounce!

AUD/CAD is approaching our first support at 0.9388 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement) where a strong bounce might occur above this level, pushing the price up to our major resistance at 0.9441 (horizontal overlap resistance, 61.8% Fibonacci retracement). Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.

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The material has been provided by InstaForex Company - www.instaforex.com

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