AUDCAD Technical Analysis Report 5 July, 2021

• AUDCAD reversed from support zone
• Likely to rise to resistance level 0.935

AUDCAD currency pair recently revered up from the support zone lying between the key, long-term support level 0.9260 (which has been reversing the price from the last June) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term impulse wave , which belongs to the higher order downward impulse wave (3) from the middle of June.

Given the strongly bearish Canadian dollar seen today – AUDCAD currency pair can be expected to rise further toward the next resistance level 0.935 (low of the previous minor correction 2 from the end of June).

Was this post helpful?