Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to fall after the earlier breakout of the Key Support level 1.0119, which was recently previously by Autochartist on the 4-hours charts. Autochartist rates the Significance of this key level at the 3 bar level – which is the result to the three prior price reversals from this support level. AUD/CAD is expected to fall in the direction of the forecast price 1.0028 in the coming trading sessions.

As can be seen from the daily AUD/CAD chart below, the breakout of this Key Support level continues the active daily impulse wave, which started earlier from the powerful resistance zone surrounding multi-month resistance level 1.0330 (which also reversed the price sharply in November of 2016). Given the strength of active downward impulse wave – AUD/CAD can be expected to fall further toward forecast price 1.0028.

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