Technical analysis

AUDCAD Wave Analysis – 22 May 2023

• AUDCAD reversed from support level 0.8945

• Likely to rise to resistance level 0.9010

AUDCAD recently reversed up from the key support level 0.8945 (which stopped the previous impulse wave (1) and 1), standing near the lower daily Bollinger Band.

The support level 0.8945 was further strengthened by the 61.8% Fibonacci correction of the previous sharp upward impulse from last October.

Given the strong AUD gains across the FX markets, AUDCAD can be expected to rise further toward the next resistance level 0.9010.

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