AUD/CAD reversed from support area

AUD/CAD reversed from support area

  • AUD/CAD reversed from support area
  • Next buy target - 0.9780

AUD/CAD continues to rise inside the sharp upward correction which started earlier from the powerful support area lying between the long-term support level 0.9600 (which also reversed the price in January) and lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer. AUD/CAD is expected to rise to the next buy target at the next resistance level 0.9780.



Morning brief for May 30

 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…

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