Categories: Technical analysis

AUDCAD Wave Analysis 13 October, 2020

• AUDCAD broke support trendline

• Likely to fall to 0.9385 and 0.9300

AUDCAD continues to fall after the earlier breakout of the multi-month support trendline from the middle of May.

The breakout of this support trendline should accelerate the active short-term impulse waves (iii) and 1.

AUDCAD is likely to fall further toward the next support level 0.9385 (low of the daily Morning Star from September) – the breakout of which will lead to further losses toward 0.9300 (former strong support from June).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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