Technical analysis

AUDCAD Wave Analysis – 28 March 2023

• AUDCAD reversed from support area

• Likely to rise to resistance level 0.9200

AUDCAD today reversed up from the support area located between the pivotal support level 0.9070 (which has been reversing the price from December), standing near the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp impulse wave (1) from October.

The upward reversal from the support level 0.9070 is likely to form the daily Bullish Engulfing pattern today – the strong buy signal for this currency pair.

AUDCAD can then be expected to rise further toward the next resistance level 0.9200 (which stopped the earlier impulse wave 1).

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