AUDCAD (1H) - intraday bullish bias
The Aussie was supported by strong buying interests near the psychological level of 0.8900. The RSI divergence at the bottom was an indication that selling pressures have waned and a potential U-turn was in the making. The confirmation came from the rally above the resistance level of 0.8930 and the bullish MA cross. The current retracement would enable buyers to join in at a discount, and we may expect the price to test the next resistance at 0.8970.
Key support: 0.8915
Key resistance: 0.8970
The Aussie was supported by strong buying interests near the psychological level of 0.8900. The RSI divergence at the bottom was an indication that selling pressures have waned and a potential U-turn was in the making. The confirmation came from the rally above the resistance level of 0.8930 and the bullish MA cross. The current retracement would enable buyers to join in at a discount, and we may expect the price to test the next resistance at 0.8970.
Key support: 0.8915
Key resistance: 0.8970
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.