AUDCAD Wave Analysis 21 August 2023

– AUDCAD reversed from support level 0.8630

– Likely to rise to resistance level 0.8745

AUDCAD currency pair recently reversed up from the major long-term support level 0.8630 (former strong support from October and November), coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 0.8630 created the daily Japanese candlesticks reversal pattern Hammer.

Given the strength of the support level 0.8630 and the oversold daily Stochastic, AUDCAD currency pair can be expected to rise further toward the next resistance level 0.8745.