AUDCAD Technical Analysis Report 16 November, 2020

  • AUDCAD approaching key resistance level 0.9600
  • Likely to rise to 0.9670

AUDCAD continues to rise steadily in the intermediate upward impulse wave (3) which reversed earlier from the key support level 0.9440 (former resistance from the end of October, which stopped the previous sharp upward impulse wave (1)). The price is currently approaching the key resistance level 0.9600 (which was previously reversed with the two daily Shooting Stars at the end of August as can be seen below).

Given the clear daily uptrend and the strengthening bullish sentiment affecting the Australian dollar today  – AUDCAD is likely to break the aforementioned resistance level 0.9600 with the next buy target set at the next major resistance level 0.9670 (former monthly high from July and September)- which is also the target price for the completion of the active impulse wave (3).


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