LeoPrime Daily Market Analysis

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AUDCAD under strong bearish pressure; Likely to fall to support level 0.93000.

AUDCAD currency pair under the strong bearish pressure after the price broke below the key support level 0.94550 (which has been repeatedly reversing the price from the start of November, as can be seen from the daily AUDCAD chart below). The breakout of the support level 0.94550 accelerated the active intermediate impulse wave (3). Given the strength of the active impulse wave (3) – AUDCAD currency pair can be expected to fall further toward the next support level 0.93000 (monthly low from December – which stopped the previous correction (2)).

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