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AUDCAD reverses lower near 1.0000 as downside targets 0.9880
Action Forex links the move to rejection at the 1.0000 parity resistance zone, citing an overbought weekly Stochastic and pointing to support at 0.9880.
The AUDCAD currency pair recently reversed down from a resistance zone near the 1.0000 parity level, where it had previously stalled the prior intermediate wave in May and where the upper weekly Bollinger Band sits, Action Forex reports.
According to the analysis, the reversal also stopped the earlier intermediate impulse wave (5), and the strength of the 1.0000 resistance level combined with an overbought weekly Stochastic indicator suggests further downside.
Action Forex expects AUDCAD to fall toward the next support level at 0.9880.