AUD/CAD rising inside minor impulse wave 3
By: Dmitriy Chernovolov
- AUD/CAD rising inside minor impulse wave 3
- Next buy target – 1.0000
AUD/CAD recently reversed up sharply from the support zone lying at the intersection of support level 0.9800, lower daily Bollinger Band, 61.8% Fibonacci correction of the previous sharp upward impulse 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 completed the previous minor ABC correction 2 from March.
AUD/CAD is likely to rise further in the active minor impulse wave 3 toward the next buy target at the parity (which has been reversing the price from the start of March, as can be seen below). Strong support remains at 0.9800.