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AUDCAD Wave Analysis – 16 December, 2019

  • AUDCAD reversed from resistance area
  • Likely to fall to 0.9000

AUDCAD recently reversed down from the resistance area lying between the key resistance level 0.911 (which has been reversing the price from September), 38.2% Fibonacci correction of the previous downward impulse from April and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the earlier long-term ABC correction from the start of October.

AUDCAD is expected to fall further toward the next support level 0.9000 (low of the previous short-term correction 4).

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