NZD/JPY falling inside minor impulse wave C Next sell target - 76…
AUD/CAD reversed from support area
- AUD/CAD reversed from support area
- Next buy target - 0.9750
AUD/CAD recently reversed up sharply from the support area lying at the intersection of the support level 0.9600 (which stopped the previous sharp downtrend in January, as can be seen below) and the lower daily Bollinger Band. The upward reversal from this support area completed the previous extended intermediate ABC correction (2) from the middle of April. AUD/CAD is expected to rise toward the next buy target at the next resistance level 0.9750.
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.