AUD/CAD: buy target - 0.9850
By: Dmitriy Chernovolov
- AUD/CAD reversed from support zone
- Next buy target - 0.9850
AUD/CAD recently reversed up sharply from the support zone lying between the following support levels: 0.9730 (previous sell target set in our earlier forecast for this currency pair), 0.9650, lower daily Bollinger Band and the 50% Fibonacci correction of the previous intermediate impulse wave (1). The upward reversal from this support zone completed the previous intermediate ABC correction (2) from the end of December.
AUD/CAD is likely to rise further in the active intermediate impulse wave (3) toward the next buy target at the resistance level 0.9850 – the breakout of which can lead to further gains toward 0.9900 and 1.0000.