Technical analysis

AUDCAD Wave Analysis – 12 July, 2022

AUDCAD Wave Analysis – 12 July, 2022

• AUDCAD reversed from key support level 0.8750

• Likely to rise to resistance level 0.8900

AUDCAD currency pair recently reversed up from the key support level 0.8750 (low of the previous minor impulse wave (i) from the end of last month), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 0.8750 stopped the previous minor downward impulse wave (i) of wave 3 from June.

AUDCAD can be expected to rise further toward the next resistance level 0.8900 (former strong support from January and June).

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