AUDCAD: ⬇️ Sell
– AUDCAD reversed from resistance zone
– Likely to fall to support level 0.8700
AUDCAD recently reversed down from the resistance zone between the resistance level 0.8860 (former support from August and January), 20-day moving average and the 61.8% Fibonacci correction of the downward impulse 1 from March.
The downward reversal from this resistance zone stopped the previous short-term correction 2 from the start of April.
Given the clear daily downtrend and the bearish Australian dollar sentiment, AUDCAD can be expected to fall to the next support level 0.8700.
Source: Fxpro
