AUD/CAD: sell target - 0.9400
By: Dmitriy Chernovolov
- AUD/CAD reversed from resistance level 0.9550
- Next sell target - 0.9400
AUD/CAD continues to fall after the recent sharp downward reversal from the resistance level 0.9550 (which also previously reversed the primary ABC correction ② from the start of September, as can be seen below). The resistance zone near the resistance level 0.9550 was strengthened by the upper daily Bollinger Band, the weekly channel line from January and by 61.8% Fibonacci Correction of the previous impulse wave (5). The downward reversal from this resistance zone completed the latest correction (2).
AUD/CAD is likely to fall further inside the active intermediate impulse wave (3) toward the next sell target at the support level 0.9400.