Technical analysis

AUDCAD Wave Analysis – 28 May, 2021

• AUDCAD reversed from support area

• Likely to rise to resistance level 0.9400

AUDCAD currency pair just reversed up from the support area lying between the long-term support level 0.9295 (former monthly low from November) and the lower daily Bollinger Band.

The upward reversal from this support area should stopped the previous impulse wave (iii).

AUDCAD can then be expected to rise further toward the next resistance level 0.9400 (top of the previous wave (ii)). If the pair breaks below the support level 0.9295 – can then fall to the next support level 0.9250.

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