AUDCAD has shown strong bullish momentum since April 2nd, bouncing off the near-term uptrend line established from the low of September 27th. The pair successfully surpassed the 0.8930 resistance level, now turned support, indicating a potential move towards the key barrier of 0.9055.
Both the MACD and RSI are signaling positive momentum for AUDCAD. The MACD is currently above both its zero and trigger lines, pointing upwards. Similarly, the RSI is approaching the 70 line. However, a slight dip in the RSI after reaching 70 suggests a possible minor pullback before another push higher, possibly testing the 0.8390 support level.
If buying pressure persists, AUDCAD could quickly approach the 0.9055 resistance level. A decisive break above this area could pave the way for further gains, targeting the June 16, 2023 high at 0.9120 and potentially extending the rally towards the March 22, 2023 high near 0.9230. On the flip side, a drop below 0.8810 could indicate a breach of the uptrend line, opening the door for a move towards the 0.8725 support level and possibly the October 13, 2022 low at 0.8580.
AUDCAD has rebounded strongly from the uptrend line, signaling bullish sentiment in the near term. However, a definitive break above 0.9055 is crucial to confirm a sustained bullish outlook. Traders should monitor key levels and indicators for further confirmation of the current uptrend in AUDCAD.