Technical analysis

AUDCAD Wave Analysis – 5 January, 2023

AUDCAD Wave Analysis – 5 January, 2023

• AUDCAD reversed from resistance area

• Likely to fall to support level 0.9071

AUDCAD currency pair recently reversed down sharply from the resistance area located between the pivotal resistance level 0.9325 (top of the previous correction (A)) and the upper daily Bollinger Band.

The downward reversal from the resistance level 0.9325 created the daily Japanese candlesticks reversal pattern Shooting Star.

Given the clear bearish divergence on the daily Stochastic indicator, AUDCAD can be expected to fall further toward the next support level 0.9071 (low of the previous corrections A and (b)).

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