Technical analysis

AUDCAD Wave Analysis 20 October, 2020

AUDCAD Wave Analysis 20 October, 2020

• AUDCAD broke support area

• Likely to fall to 0.9200

AUDCAD recently broke the support area lying between the key support level 0.9300 (which reversed the price twice in June) and the 61.8% Fibonacci correction of the upward impulse from May.

The breakout of this support area continues the active short-term impulse wave 3 from the middle of September.

AUDCAD is likely to fall further toward the next support level 0.9200 (target price for the completion of the active impulse wave 3).

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