Categories: Technical analysis

AUDCAD Wave Analysis – 16 December, 2019

  • AUDCAD reversed from resistance area
  • Likely to fall to 0.9000

AUDCAD recently reversed down from the resistance area lying between the key resistance level 0.911 (which has been reversing the price from September), 38.2% Fibonacci correction of the previous downward impulse from April and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the earlier long-term ABC correction from the start of October.

AUDCAD is expected to fall further toward the next support level 0.9000 (low of the previous short-term correction 4).

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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Tags: AUDCAD

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