AUD/CAD: trade idea
- AUD/CAD reversed from support zone
- Next buy target - 0.9850
AUD/CAD has been rising recently – after the price reversed up with two Hammers (Japanese candlestick reversal pattern) from the support zone lying between the following support levels – the support level 0.9630 (which also previously reversed the price sharply in February), the 61.8% Fibonacci Correction of the preceding sharp intermediate impulse (1) from December and the lower daily Bollinger Band. The latest minor upward impulse 3 from this support zone yesterday broke the daily Triangle from January (as you can see from the daily AUD/CAD chart below).
AUD/CAD will most probably continue to rise in the active minor impulse 3 toward the next buy target 0.9850 (which stopped the previous upward impulse 1 in February).