- AUDCAD reversed from resistance area
- Further losses are likely
AUDCAD recently reversed down from the resistance area lying between the key resistance level 0.92200 (former strong support from May) and the upper daily Bollinger Band.
The downward reversal form this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing.
AUDCAD is expected to fall further and retest the next support level 0.9100 (which stopped the previous waves i) and (b)).