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.
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