AUD/CAD: sell target - 0.9350
By: Dmitriy Chernovolov
- AUD/CAD reached buy target 0.9550
- Next sell target - 0.9350
AUD/CAD recently reversed down sharply from the resistance zone lying between the resistance level 0.9550 (previous buy target set in our earlier forecast for this currency pair), the upper daily Bollinger Band, 61.8% Fibonacci Correction of the previous sharp minor impulse wave 1 and the resistance trendline of the daily down channel from January. The downward reversal from this resistance zone created the daily Bearish Engulfing – marking the end of the previous minor correction 2 (which belongs to the intermediate impulse wave (3) from August).
AUD/CAD is likely to fall further in the active minor impulse wave 3 toward the next sell target at the support level 0.9350. Strong resistance remains at 0.9550.