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AUD/CAD reversed from support area

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  • AUD/CAD reversed from support area
  • Next buy target - 0.9750

AUD/CAD recently reversed up sharply from the support area lying at the intersection of the support level 0.9600 (which stopped the previous sharp downtrend in January, as can be seen below) and the lower daily Bollinger Band. The upward reversal from this support area completed the previous extended intermediate ABC correction (2) from the middle of April. AUD/CAD is expected to rise toward the next buy target at the next resistance level 0.9750.

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