Technical analysis

AUDCAD Wave Analysis 25 September 2023

– AUDCAD reversed from key support level 0.8630

– Likely to rise to resistance level 0.8700

AUDCAD recently reversed up from the key support level 0.8630 (which has been repeatedly reversing the pair from last November) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 0.8630 follows the earlier upward reversal from the same support level – which formed the daily Bullish Engulfing.

Given the oversold daily Stochastic and the strength of the support level 0.8630, AUDCAD can be expected to rise toward the next resistance level 0.8700.

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