LeoPrime Daily Market Analysis

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AUDCAD falling inside impulse wave ; Likely to fall to 0.8900

 

AUDCAD continues to fall inside the medium-term impulse wave ③ which started recently from the resistance area lying at the intersection of the resistance level 0.9100 (former strong support from January and June) and the upper daily Bollinger Band. Given the strong daily downtrend and the moderate bearish sentiment affecting the Australian Dollar – AUDCAD is likely to remain under bearish pressure today and fall further in the direction of the next support level 0.8900 (which formed the Double Bottom in the middle of August).

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