• AUDCAD reversed from support zone
• Likely to rise to resistance level 0.9200
AUDCAD currency pair recently reversed up from the support zone lying between the key support level 0.9100 (previous monthly low from August) and the lower daily Bollinger Band. The upward reversal form this support zone will most likely create the daily Bullish Engulfing if the pair closes today near the current levels.
Given the strength of the aforementioned support zone, oversold daily Stochastic and the rising Australian dollar bullishness seen today , AUDCAD currency pair can be expected to rise further toward the next resistance level 0.9200 (top of the previous short-term correction 2 from the end of last month).