AUDCAD Wave Analysis 12 September 2024

– AUDCAD reversed from support zone

– Likely to rise to the resistance level 0.9150

AUDCAD recently reversed up from the support area between the support level 0.9020 (which reversed the price at the start of August) and the lower daily Bollinger Band.

The upward reversal from the support level 0.9020 stopped the C-wave of the previous ABC correction (2).

Given the clear daily uptrend, AUDCAD can be expected to rise further to the next resistance level 0.9150 (middle of the congestions zone, which stopped the earlier waves (1) and B).