The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
AUD/CAD falling minor impulse wave 3
- AUD/CAD falling minor impulse wave 3
- Next sell target - 0.9670
AUD/CAD continues to fall inside the minor impulse wave 3 which recently reversed down from the pivotal resistance level 0.9870 (which is the lower boundary of the strong resistance area, which is the former powerful support zone which has been steadily reversing this currency pair from the end of January, as can be seen from the daily AUD/CAD chart below). The upper boundary of this resistance zone stands at the resistance level 0.9930. AUD/CAD is expected to fall to the next sell target at the next support level 0.9670 (which reversed (A)-wave in January).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.