Technical analysis

AUDCAD Wave Analysis – 2 September, 2020

AUDCAD Wave Analysis – 2 September, 2020

• AUDCAD reversed from resistance level 0,9640

• Likely to fall to 0.9550

AUDCAD is currently in the profit-taking correction from the nearby resistance level 0,9640 (which reversed the previous waves (iii) and 5) located near the upper daily Bollinger Band.

The downward reversal from the resistance level 0,9640 started the active short-term corrective wave B.

With the predominantly bearish AUD sentiment affecting this currency pair today – AUDCAD is likely to fall toward the next support level 0.9550.

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