- AUD/CAD falling inside impulse wave (3)
- Next sell target - 0.9730
AUD/CAD has been under strong bearish pressure lately – following the earlier sharp downward reversal from the major resistance zone lying between the resistance levels 1.0200 and 1.0100. The downward reversal from this resistance zone created the weekly downward reversal pattern Evening Star, the middle candle of which is also another strong candlesticks reversal pattern – Falling Star, standing outside the upper weekly Bollinger Band – which strengthened this bearish signal.
AUD/CAD is likely to fall further in the active impulse wave (3) toward the next sell target at the support level 0.9730 (former strong resistance from last May and August).