$AUDCAD approaching a key resistance confluence
Been watching $AUDCAD for a bit now, and it's making its way up to what looks like a fairly significant area. We're talking around the 0.9785-0.9790 zone. This level aligns with a prior swing high and also the daily upper Bollinger Band, which is currently sitting right around 0.97881. The momentum seems to be tapering off a bit on the hourly, but it's not a definitive reversal by any means.
The scenario I'm considering is a potential retest and rejection from this confluence, leading to a move back towards the 0.9760-0.9750 range. However, a clear break and sustained close above 0.9790 on the daily chart would certainly invalidate that read for me, suggesting a much stronger push upwards with the next notable resistance probably not until 0.9820 or higher. Always mindful that these levels can be front-run or blown through with an unexpected catalyst.
Interesting observation on AUDCAD. The confluence around 0.9785-0.9790 with the prior high and daily upper BB is definitely worth watching. Are you seeing any bearish divergence on the higher timeframes to support a potential reversal from that zone?