AUDCAD Wave Analysis – 25 March, 2020

• AUDCAD reversed from resistance area
• Likely to fall to 0.8500

AUDCAD recently reversed down from the resistance area lying between the resistance level 0.8670 (former strong support from February) and the 61.8% Fibonacci correction of the previous sharp downward impulse (3).

The downward reversal from this resistance area stopped the previous medium-term ABC correction (4).

Given the strength of the downtrend that can be seen on the daily charts – AUDCAD is likely fall further toward the next support level 0.8500.