AUD/CAD reversed from resistance zone
- AUD/CAD reversed from resistance zone
- Next sell target - 0.9360
AUD/CAD recently reversed down from the resistance zone lying between the resistance level 0.9500 (former support level which reversed the price earlier), 50% Fibonacci correction of the previous sharp downward impulse wave from the start of May and the former support trendline of the recently broken daily down channel from January (acting as resistance now – after it was broken by the previous minor impulse wave (i), as can be seen below).
The downward reversal form the aforementioned resistance zone stopped the previous minor correction (ii). AUD/CAD is likely to fall further toward the next sell target at the support level 0.9360 (low of the previous impulse wave (i)).