Technical analysis

AUDCAD Wave Analysis – 9 May 2023

• AUDCAD reversed from resistance level 0.9100

• Likely to fall to support level 0.9015

AUDCAD earlier reversed down from the pivotal resistance level 0.9100 (which has been repeatedly reversing the price from the start of April).

The downward reversal from the resistance level 0.9100 is the 4th consecutive downward reversal from this price level – signalling its strength.

Given the strength of the resistance level 0.9100, AUDCAD can be expected to fall further toward the next support level 0.9015 (yesterday’s low).

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