• AUDCAD reversed from support zone
• Likely to rise to resistance level 0.9265
AUDCAD currency pair recently reversed up from support zone located between the key support level 0.9130 (which stopped the previous sharp impulse wave at the end of July) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily candlesticks reversal pattern Hammer, which stopped the previous impulse waves 3 and (3).
Given the bullish divergence on the daily RSI indicator and the improvement in Australian dollar sentiment as seen across the currency markets today – AUDCAD currency pair can be expected to rise further toward the next resistance level 0.9265 (former strong support from June and July).