AUDCAD Technical Analysis Report 10 May, 2021

• AUDCAD reversed from support zone
• Likely to rise to resistance level 0.9625

AUDCAD currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support zone lying between the pivotal support level 0.9450 (which has been reversing the price from the start of November) and the lower daily Bollinger Band. The upward reversal from this support zone started the active minor corrective wave 2.

Given the proximity of the aforementioned support level 0.9450 and the rising Australian dollar bullishness seen today – AUDCAD currency can be expected to rise further toward the next resistance level 0.9625 (former support from the end of April and the target price for the completion of the active corrective wave 2).

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