AUDCAD analysis for 24.04.2023

The AUDCAD price has been following a bearish trajectory within a downward sloping channel for some time. However, recent market movements indicate a possible trend reversal. The price has broken above the bearish channel and the Ichimoku cloud, both of which are significant technical indicators. Additionally, the Stochastic K% and D% lines are moving towards 20, indicating that the price is approaching oversold territory. This pattern is often a precursor to a trend reversal, and traders may interpret it as a signal to enter long positions.

However, it is important to note that technical analysis alone cannot predict future price movements with certainty, and traders should always use risk management strategies to limit potential losses. Additionally, fundamental factors such as global economic conditions and geopolitical events may also impact the price of AUDCAD.

There is a resistance level at 0.90785 followed by resistance at 0.91130 and 0.91350.