October 16, 2020 at 03:23PM
• AUDCAD broke support area
• Likely to fall to 0.9270
AUDCAD recently broke the support area lying between the support level 0.9380 (which stopped the previous downward impulse wave (i)) and the support trendline from May.
The breakout of the support level 0.9380 coincided with the breakout of the 50% Fibonacci correction of the upward impulse from May.
AUDCAD is likely to extend the losses toward the next pivotal support level 0.9270 (low of waves (a) and (c) from June).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/audcad-wave-analysis-16-october-2020-20201016/
Selected by fonecable.com
- Australian Dollar Forecast: AUD/USD Uptrend in Focus as RBA Holds Policy Steady
- NEWS: ForexLive Asia FX news wrap: Early USD strength all over March 02, 2021 at 03:59AM
- NEWS: AUD gaining a few points, bond yield up also after the RBA decision March 02, 2021 at 03:37AM
- NEWS: RBA February 2021 meeting – announce no change to monetary policy, as expected March 02, 2021 at 03:30AM
- NEWS: RBA policy announcement is due at the bottom of the hour – previews ICYMI March 02, 2021 at 03:11AM