LeoPrime Daily Market Analysis

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AUDCAD reversed from resistance zone; Likely to fall to support level 0.92400

AUDCAD currency pair recently reversed down from the resistance zone lying between the key resistance level 0.93640 (which has been steadily reversing the pair from the star of June), upper daily Bollinger Band and the 38.2% Fibonacci correction of the sharp downward impulse from April. The downward reversal from this resistance zone started the active impulse wave 3. Given the clear daily downtrend, AUDCAD currency pair can be expected to fall further toward the next support level 0.92400 (former powerful support from July and October).

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