AUD/CAD: 4-hour
To start off, let’s take a look at this break-and-retest situation on AUD/CAD’s 4-hour forex chart. The pair has previously broken below support around the .9750 minor psychological mark and has dipped close to the .9550 handle. From there, price bounced close to the broken support, which happens to line up with the 50% Fibonacci retracement level. This area might continue to hold as resistance, as stochastic is moving out of the overbought zone and reflecting a return in selling pressure. Price already gapped down over the weekend and showed downside momentum, but it could still fill the gap and retest the resistance at .9750 or the 61.8% Fib near .9800.
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