AUD/CAD broke pivotal support level 0.9630
By: Dmitriy Chernovolov
- AUD/CAD broke pivotal support level 0.9630
- Next sell target - 0.9550
AUD/CAD has been falling in the last few trading sessions inside the intermediate downward impulse wave (3) – which started earlier - when the pair reversed down from the parity. The price today broke through the pivotal support level 0.9630 (which stopped the earlier sharp intermediate impulse wave (1) at the start of March, as can be seen from the daily AUD/CAD chart below).
The breakout of the support level 0.9630 is likely to intensify the bearish pressure on this currency pair in the coming trading sessions. AUD/CAD is expected to fall further to the next sell target at the support level 0.9550 (forecast price for the completion of the active impulse wave (3)).