Is AUDCAD Poised for Further Uptrend Extension?

Thursday, 18 July 2024, 15:03

AUDCAD saw a rebound above the key support level of 0.9270, signaling potential bullish momentum. The pair is forming higher highs and higher lows, supported by the daily chart's exponential moving averages (EMAs), indicating a positive medium-term outlook. Traders might consider a position in anticipation of a continued uptrend.

Actionforex — Is AUDCAD Poised for Further Uptrend Extension?

AUDCAD Analysis:

AUDCAD rebounded today from slightly above the support of 0.9270, marked by the low of July 9 and the inside swing high of June 12.

Overall, the pair is printing higher highs and higher lows above all three of the plotted exponential moving averages (EMAs) on the daily chart, which paints a positive medium-term picture.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

AUDCAD Analysis:

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