Currency Analyst since 2010

AUD/CAD: trade idea

Dima Chernovolov

  • 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).

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