USD/CAD Short Trade
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
AUD/CAD reached buy target 1.0330
2019-11-11 • Updated
- AUD/CAD reached buy target 1.0330
- Next sell target - 1.0120
AUD/CAD continues to fall after the earlier sharp downward reversal from the key resistance level 1.0330 (which reversed the earlier impulse waves (5) and (1), and which was set as the buy target in our previous forecast for this currency pair). The resistance zone near the resistance level 1.0330 is strengthened by the upper daily Bollinger Band. If the pair closes today near the current levels it will create the daily reversal pattern Bearish Engulfing.
With the daily Stochastic still in the overbought zone - AUD/CAD is expected to fall to the next sell target at the next support level 1.0120 (low of the previous minor correction 2).
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