AUDCAD has continued its upward trajectory, surpassing the 0.9100 mark and reaching a 14-month high of 0.9125. Despite facing challenges in breaking through the multi-month high, technical indicators such as the RSI and MACD remain in positive territory. The RSI hovers just below the 70 level, while the MACD maintains its positive momentum above both the trigger and zero lines. This indicates that the bullish sentiment may persist in the near term.
If AUDCAD manages to sustain its upward trend and break above the current high, the next target to watch is the 0.9230 barrier, which represents the March 2023 high. On the downside, the 23.6% Fibonacci retracement level at 0.9030 serves as the initial support level. A breach below this level, particularly at 0.9005 where the 20-day SMA coincides, could lead to increased selling pressure and a shift in sentiment.
In the daily chart, AUDCAD remains in an upward trend, attracting potential buyers looking for opportunities. However, breaking through the key resistance level at 0.9125 will be crucial for further upside momentum. The bulls will need to demonstrate strength and conviction to push the pair towards higher levels and attract new buyers in the market.
AUDCAD is facing an uphill battle as it strives to break through key resistance levels and sustain its positive momentum. Technical indicators suggest that the bullish sentiment remains intact, but a failure to overcome obstacles could result in a reversal of the current trend. Traders should closely monitor price action around critical levels and exercise caution when making trading decisions in the AUDCAD pair.