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Technical Analysis – AUDCAD rises to new 14-month high



  • AUDCAD is higher again today above 0.9100

  • RSI and MACD are holding in their positive regions

AUDCAD has been in an upward movement since February 8, posting a 14-month high of 0.9125 earlier in the day.

Entering the 0.9100 area has been a struggle over the past two days, and there might be another tough obstacle around the multi-month high, but the bulls may not give up on the battle yet according to the technical indicators. Specifically, the RSI is standing marginally beneath the 70 level and the MACD is extending the positive momentum above its trigger and zero lines, both keeping the bias on the positive side for now.

In the event the pair re-activates its uptrend above today’s top, the next target will be the 0.9230 barrier, taken from March’s 2023 high.

On the downside, the 23.6% Fibonacci retracement level of the up leg from 0.8725 to 0.9125 at 0.9030 has been the first support level to have in mind. Hence, a step beneath that line at 0.9005, which overlaps with the 20-day simple moving average (SMA) might produce fresh negative volatility.

Overall, AUDCAD is sustaining an upward trend in the daily picture. To attract new buyers, the pair will need to pierce through the 0.9125 bar.

 

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