• AUDCAD reversed from long-term support level 0.9310
• Likely to rise to resistance level 0.9400
AUDCAD currency pair today reversed up from the long-term support level 0.9310 (which has been reversing the pair from last November, this level also reversed the pair multiple times in June of 2020) – coinciding with the lower daily Bollinger Band. The upward reversal from the support level 0.9310 stopped the previous minor impulse wave 3 – which belongs to the intermediate impulse wave (3) from the start of May.
Given the strength of the support level 0.9310, oversold daily Stochastic and the end-of week short-covering offering the support to this instrument- AUDCAD currency pair can be expected to rise further toward the next resistance level 0.9400 (top of the previous minor correction 2).