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AUD/CAD chart on Trading View used for analysis
- AUD/CAD has broken above major trendline resistance at 0.9325, bias higher.
- The pair is trading 0.87% higher on the day at 0.9383 at the time of writing.
- Momentum studies are bullish. RSI is above 50 and biased higher.
- We see scope for test of 110-EMA at 0.9479, ahead of 38.2% Fib at 0.9539.
- On the flipside, we see resumption of weakness on break below 5-DMA.
Support levels - 0.9311 (5-DMA), 0.93
Resistance levels - 0.9422 (cloud top), 0.9479 (110-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-holds-above-21-EMA-eyes-236-Fib-at-09375-stay-long-on-dips-1450765) is approaching TP2.
Recommendation: Book partial profits, hold for upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
