AUDCAD Wave Analysis 16 October 2023

– AUDCAD reversed from support level 0.8575

– Likely to rise to resistance level 0.8735

AUDCAD recently reversed up from the pivotal support level 0.8575 (former monthly low from November) which formed the daily candlesticks reversal pattern Bullish Engulfing in September.

The price is also currently forming the daily Bullish Engulfing – strong bullish signal for this currency pair.

Given the strength of the support level 0.8575, continued AUD gains and the clear bullish divergence on the daily Stochastic, AUDCAD can be expected to rise further toward the next resistance level 0.8735.