• AUDCAD reversed from support zone
• Likely to rise to resistance level 0.9375

AUDCAD currency pair recently reversed up from the support zone lying between the long-term support level 0.9260 (which has been reversing the price from last June) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous minor impulse wave 3 – belongs to the intermediate downward impulse (3) from the start of May.

Given the strength of the aforementioned support zone, bullish divergence on the daily Stochastic indicator – AUDCAD currency pair can be expected to rise further toward the next resistance level 0.9375 (top of the previous minor retracement 2 from the end of May).