AUDCAD recently reversed down from the pivotal resistance level 0.8700 (former strong support from March), standing near the 61.8% Fibonacci retracement level of the previous sharp downward impulse wave (3).
The downward reversal from the resistance level 0.8700 created the daily Japanese candlesticks reversal pattern Bearish Engulfing –which was followed by the daily Shooting Star.
Give the overriding daily downtrend – AUDCAD is likely to fall further toward the next round support level 0.8500.
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