Technical analysis

AUDCAD Wave Analysis – 24 June, 2020

AUDCAD Wave Analysis – 24 June, 2020

• AUDCAD reversed from resistance level 0.9415

• Likely to fall to 0.9300

AUDCAD recently reversed down from the resistance area set between the resistance level 0.9415 (which stopped the earlier waves (A) and B) and the upper daily Bollinger band.

The downward reversal from this resistance zone continues the active short-term impulse wave C – which is a part of the longer ABC correction (B) from the start of June. Given the strength of the resistance level 0.9415  – AUDCAD is likely to fall further toward the next support level 0.9300 (low of the previous wave A).

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