AUDCAD price line has been moving within a bearish channel since late July 2020, when this pair finished a significant ascending wave. The descending, light blue area, is showing the long term channel which has not been broken and is still considered important. The price line is now almost touching the base line of this channel, showing 0.86540. RSI is now approaching the overselling area, also a complex positive divergence has been formed on this indicator. Buyers can enter the market and expect the price to rise up to the next resistance levels.
• There is resistance on 0.87960 followed by resistances at 0.90274 and 0.92535
• There is support at 0.86000 Below, there is 0.84777 and 0.83250
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
Comments are closed.
