AUD/CAD: buy target – 0.9650
- AUD/CAD reached sell target 0.9500
- Next buy target – 0.9650
AUD/CAD recently reversed up sharply after the pair reached the support level 0.9500, which was set as the sell target in our previous forecast for this currency pair. The support zone near 0.9500 was further strengthened by the lower daily Bollinger Band and by the upward-sloping support trendline from 2014 (as you can see below). The daily Stochastic indicator went into the oversold territory when AUD/CAD approached this support zone – which further intensified the bullish pressure on this currency pair.
AUD/CAD is likely to correct up further toward the next buy target at the strong resistance level 0.9650 (former strong support level which has been reversing the price from the start of February).