August 14, 2020 at 03:31PM

• AUDCAD reversed from support level 0.9420

• Likely to rise to 0.9530

AUDCAD recently reversed up from the pivotal support level 0.9420 (former strong resistance level from June), intersecting with the lower daily Bollinger band and with the 38.2% Fibonacci correction of the previous upward impulse from May.

The upward reversal from this support level 0.9420 stopped the previous ABC correction (ii).

AUDCAD is likely to rise further toward the next resistance level 0.9530 (support from the start of June – which stopped the previous minor wave (a)).

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From: The FxPro Tech Analysis Team
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