AUDCAD Technical Analysis Report 05 November, 2020

  • AUDCAD reversed from support area
  • Likely to rise to 0.9590

AUDCAD rising strongly inside the minor impulse wave (iii) which started previously from the support area lying at the intersection of the multi-month support level 0.9300 (former powerful support from June) and the lower daily Bollinger Band. The pair recently broke the daily down channel and the 50% Fibonacci correction of the previous impulse wave (C) from September – which added to the bullish pressure on AUDCAD.

Given the strengthening bullish AUD sentiment seen across the FX markets today  – AUDCAD index is expected to rise further toward the next resistance level 0.9590 (former resistance from the end of September, target price for the completion of the active impulse wave (iii).

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