AUDCAD Technical Analysis Report 8 May, 2024
AUDCAD currency pair can be expected to fall further toward the next round support level 0.9000.
– AUDCAD reversed from resistance zone
– Likely to fall to round support level 0.9000
AUDCAD currency pair recently reversed up from the resistance zone located between the strong long-term resistance level 0.9050 (which has been reversing the pair from last July, as can be seen from the daily AUDCAD chart below) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star – which stopped the previous short-term impulse wave iii.
Given the strength of the resistance level 0.9050, bearish Australian dollar sentiment and the still overbought reading on the daily Stochastic indicator, AUDCAD currency pair can be expected to fall further toward the next round support level 0.9000.
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