AUDCAD recently reversed down from the resistance zone lying between the key resistance level 0.9010 and the 61.8% Fibonacci correction of the previous downward impulse from September.
The downward reversal from this resistance zone created the daily reversal pattern Shooting Star – which started the active medium-term impulse wave (5).
AUDCAD is expected to fall further and retest the next support level 0.8840 (low of the previous impulse wave (3) from the start of October).
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