AUD/CAD: buy target – 1.0000
By: Dmitriy Chernovolov
- AUD/CAD reversed from support area
- Next buy target – 1.0000
AUD/CAD continues to rise – following the earlier upward reversal from the support area lying at the intersection of the support level 0.9900, the 38.2% Fibonacci correction of the previous sharp minor impulse wave 1 from the end of February and the former resistance trendline of the recently broken daily down channel from December (acting as support now after it was broken). The upward reversal from this support zone started the active minor (b)-wave.
AUD/CAD is likely to rise further in the active minor (b)-wave toward the next buy target at the parity. Buy stop-loss can be placed below the aforementioned support level 0.9900.