Forex Trading recommendation on AUDCAD 11-05-2016 by AzaForex

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The Australian dollar was not able to change its rate against the Canadian dollar. All attempts of the bulls to resist the bearish pressure failed. In the Forex market the last days there is a lull. Such tranquility could turn into a sharp storm quotes. Judging by the fact that the price already 3 times and approached the support level and bounces each time getting lower, we can assume that the next storm of that level could result in a breakthrough.
 
The price is below a simple moving average 200 MA and 20 MA indicating bearish trend.
The MACD trend indicator is below zero level now, indicating bearish movement.
 
If the support level is broken you can use the following recommendation:
•             Chart timeframe: H4
•             The trade recommendation: Sell
•             The level of entry into short position 0.9445
•             The level of profit and close the position: 0.9330 (115 pips)
 
 
Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.4370
 
Metal GOLD
Possible bullish movement in the breakout of the resistance level 1247.50
 
Forex currency pair EURUSD
Possible bullish movement in the breakout of the resistance level 1.1400
 
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 0.9670