Technical analysis of EURUSD
AUD/CAD broke key support level 0.9420
- AUD/CAD broke key support level 0.9420
- Next sell target - 0.9300
AUD/CAD today broke the key support level 0.9420 (which stopped the previous short-term impulse wave 3 earlier this month, as can be seen below). The breakout of this support level accelerated the active minor impulse wave 5 – which belongs to the intermediate impulse sequence (3) from the start of June. AUD/CAD is expected to fall further toward the next sell target at the next support level 0.9300 (target for completion of wave (3)).
USD/ZAR is capable of more downside on the ongoing trade optimism and as the market’s view switches to the Federal Reserve’s meeting later this month.
EUR/USD spiked down to the September low in the 1.0930 but failed to stay there and closed around 1.1060 on Thursday.
When looking for pairs to trade to benefit from today’s meeting of the European Central Bank, pay attention to EUR/NZD