AUD/CAD rising inside minor impulse wave

8 September 2016, 16:13
Eko Rediantoro
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  • AUD/CAD rising inside minor impulse wave
  • Next buy target - 1.0000

AUD/CAD continues to rise inside the minor impulse wave (iii) – which started earlier – when the pair reversed up from the support zone lying between the support level 0.9800 (which also previously reversed the wave 2 with the daily Morning Star in August, as can be seen from the daily AUD/CAD charts below), the lower daily Bollinger Band and the 38.2% Fibonacci correction level of the previous sharp upward impulse wave 1 from May.

AUD/CAD is expected to rise further in the active impulse waves (iii), 3 and (C) toward the next buy target at the resistance level 1.0000.  Strong support remains at the aforementioned support level 0.9800.

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