AUD/CAD: sell target - 0.9600
By: Dmitriy Chernovolov
- AUD/CAD reached buy target 0.9750
- Next sell target - 0.9600
AUD/CAD recently reversed down after the price reached the resistance level 0.9750, which was set as the buy target in our previous forecast for this currency pair. The resistance zone near the resistance level 0.9750 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci Correction of the previous downward impulse from the middle of January (as you can see below). The downward reversal from 0.9750 completed the earlier minor correction 2.
AUD/CAD is likely to fall further in the active impulse wave 3 toward the next sell target at the support level 0.9600. Strong resistance remains at 0.9750.