AUDCAD currency pair previously found support at the long-term support level 0.9297 (which started the strong upward impulse in October of 2020). The upward reversal from the support level 0.9297 was accompanied by the clear bullish divergence on the daily RSI indicator (Selected Alpha automatically plots RSI divergence on both the price chart and the RSI chart as you can see below) – increasing the probability of the subsequence price reversal.
The pair is also supported by the strengthening intraday bullish Australian dollar sentiment as well as the increasing bearish Canadian dollar sentiment – which can be clearly seen from the following intraday FX sentiment curves chart. It should be noted that the Australian and the Canadian dollar sentiments have been predominantly negatively correlated in the last few trading sessions.
Note: Selected Alpha allows to pick individual intaday forex sentiment waves for comparision.
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