AUDCAD Lower High rebound expected within the Channel Up

Aug 22, 2023

The AUDCAD pair followed our prediction on the last analysis we made a month ago (see chart below) and hit two targets on the way to the bottom of the long-term Channel Down:

The price is now on the 2nd straight green 1D candle after a flat Friday, which was most likely the bottom reversal of the Channel Down. As the 1D RSI hit the bottom of its Rectangle pattern as well, we treat this as a strong buy opportunity on the medium-term, targeting not just the 1D MA50 (blue trend-line) but also the Internal Lower Highs trend-line. Our target is 0.89000, but will book the profit earlier if the 1D RSI approaches the top of its Rectangle before that price target.

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