• AUDCAD reversed from support zone
• Likely to rise to resistance level 0.9350
AUDCAD recently reversed up from the support zone lying between the lower daily Bollinger Band and the support trendline of the daily down channel from the start of May.
The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
Given the strong Canadian dollar outflows – AUDCAD can be expected to rise further toward the next resistance level 0.9350.