EUR/USD: 'High Wave' points to decline
The market is likely going to test the 34 Moving Average. If a pullback from this line happens next, bulls will probably try to reach...
AUD/CAD rising inside intermediate impulse wave (3)
- AUD/CAD rising inside intermediate impulse wave (3)
- Next buy target - 1.0250
AUD/CAD has been rising sharply in the last few trading sessions inside the intermediate impulse wave (3) - which started earlier from the combined support area lying between the parity, lower daily Bollinger Band and the 50% Fibonacci retracement of the previous sharp upward impulse (1) from January. 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 round resistance level 1.0250 (top of wave B) – the breakout of which can lead to further gains toward 1.0330 (top of impulse (1)).
Dmitry Chernovolov
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