Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to fall in the direction of the Key Support level 0.9921 (of the type Approach), which was recently identified by Autochartist on the daily charts. Autochartist rates the Significance of this key level at the 3 bar level – which is the result of the three earlier price reversals from this price level. AUD/CAD is expected to fall toward this key support level – in line with the active daily impulse wave from the resistance zone described below.

As can be seen from the daily AUD/CAD chart below, the pair is currently falling inside the sharp daily impulse wave – which started earlier – when the pair reversed down from the resistance zone lying between the powerful resistance level 1.03300 (which also reversed the pair sharply in November and March) and the upper daily Bollinger Band. The strength of the active downward impulse wave increases the probability AUD/CAD will continue to fall toward the Key Support level 0.9921 (previous low from April).

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