AUD/CAD: buy target - 0.9550
By: Dmitriy Chernovolov
- AUD/CAD broke resistance zone
- Next buy target - 0.9550
AUD/CAD continues to rise after recently breaking above the strong resistance zone lying between the resistance levels 0.9440 and 0.9400. This is the former strong support zone which has been reversing the price numerous times from the middle of April (as you can see from the daily AUD/CAD chart below). After breaking this resistance zone – AUD/CAD corrected down twice to this price area (acting as support now after it was broken).
AUD/CAD is likely to rise further in the active minor corrective wave 2 (which belongs to the intermediate impulse wave (3) from the start of August) toward the next buy target at the resistance level 0.9550.