AUDCAD recently reversed down from the resistance zone located between the resistance level 0.9020, upper daily Bollinger Band, resistance trendline of the daily down channel from last April, 200-day moving average and the 38.2% Fibonacci retracement of the previous downward impulse from April.
The downward reversal from this resistance area continues the active medium-term impulse sequence (3) from December.
AUDCAD is likely to fall further toward the next round support level 0.8900 – the breakout of which can lead to further losses toward 0.8800.
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