AUDCAD Technical Analysis 7 October, 2021

• AUDCAD reversed from support area
• Likely to test resistance level 0.9200

AUDCAD currency pair recently reversed up from the support area lying between the key support level 0.9130 (which has been reversing the price from July) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous impulse waves (3) and 3 from last month.

Given the oversold daily Stochastic and the proximity of the aforementioned support area, rising Australian dollar bullishness seen across the FX markets today , AUDCAD currency pair can be expected to rise further toward the next resistance level 0.9200( top of the previous wave 2).

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