Technical analysis

AUDCAD Wave Analysis 7 May, 2021

• AUDCAD reversed from support zone

• Likely to rise to resistance level 0.9550

AUDCAD recently reversed up sharply from the support zone located between the major support level 0.9455 (which has been reversing the price from December) and the lower daily Bollinger Band.

The upward reversal form this support level is likely to form the daily candlestick reversal pattern Bullish Engulfing.

AUDCAD is likely to rise further toward the next resistance level 0.9550 (target price for the completion of the active wave 4).

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