- AUDCAD reversed from resistance area
- Further losses are likely
AUDCAD recently reversed down from the resistance area lying between the key resistance level 0.9460 (which has been reversing the price from February), upper daily Bollinger Band and the resistance trendline of the daily down channel from the start of January.
The downward reversal from this resistance area started the active short-term impulse wave (iii).
AUDCAD is expected to fall further and re-test the next resistance level 0.9400 (which reversed the price earlier this month).