Technical analysis

AUDCAD Wave Analysis – 4 June, 2021

• AUDCAD reversed from support level 0.9265

• Likely to rise to resistance level 0.9400

AUDCAD recently reversed up from the powerful support level 0.9265 (which stopped the sharp downtrend in October) – strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 0.9265 stopped the previous multi-impulse downward impulse sequence made out of the impulse waves (iii), 5 and (C).

AUDCAD can then be expected to rise further toward the next resistance level 0.9400 (top of the previous short-term correction (ii)).

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