Technical analysis

AUDCAD Wave Analysis 3 October 2023

– AUDCAD reversed from resistance level 0.8725

– Likely to fall to support level 0.8575

AUDCAD currency pair recently reversed down from the pivotal resistance level 0.8725 (which has been repeatedly reversing the pair from the start of September) intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from August.

The downward reversal from the resistance level 0.8725 continues the active downward impulse waves 3 and (3).

Given the clear daily downtrend, AUDCAD can be expected to fall further toward the next support level 0.8575 (previous monthly low from September).

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