AUDCAD saw a strong rebound on Tuesday, surpassing the key resistance level of 0.9125. The pair is currently trading above a previous upward channel and above all three exponential moving averages, indicating a positive trend.
Daily momentum indicators also support a bullish outlook, with the RSI pointing upwards and the MACD crossing above its trigger line. The bulls broke above 0.9125 on June 12, but failed to sustain the momentum. If they manage to stay in control this time, the pair could move towards the 0.9230 zone.
Further resistance lies at 0.9310, marked by previous highs in February 2023. On the downside, a drop below 0.9000 could signal a bearish correction, while a break below 0.8905 would be needed for a more negative outlook.
In summary, AUDCAD’s strong rebound above 0.9125 suggests the possibility of further gains in the near future. For traders looking to capitalize on this momentum, XM provides a fully regulated platform for online trading in various financial instruments. Founded in 2009, XM offers competitive spreads, flexible leverage, and personalized customer engagement to support clients from over 196 countries worldwide.
