RingerFX

Closer Look at AUDCAD - Short Bias

FX:AUDCAD   Australian Dollar/Canadian Dollar
I believe price will be making a move downwards but awaiting confirmation. Price recently broke below the long-term trend line and now has a nice pullback up to the same trend line . My fibonacci levels are based on the downwards impulse move that broke the trend line .

My two predictions are as follows:

1) Price will move below the 38.2 Fib level and break the shorter term trend line before moving down to around the 0.89100 area

2) Price will consolidate, push up above the 50.0 Fib level before finding resistance at the 61.8 Fib level and then another impulse wave will bring the price down again to the 0.89100 area

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