EUR/JPY broke key support level 131…
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)).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.