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AUD/CAD chart on Trading View used for analysis
- AUD/CAD edges lower from session, trades at 0.9623 after hitting session highs at 0.9648.
- The pair supported higher after stellar Australia jobs data released earlier today.
- Momentum studies are bullish. RSI is above 70 and MACD is supporting trend higher.
- The pair is on track to test 200-DMA at 0.9661. break above 200-DMA targets 61.8% Fib at 0.9808.
- On the flipside, we see immediate support at 5-DMA at 0.9558. Break below 110-EMA negates bullish bias.
Support levels - 0.9558 (5-DMA), 0.9488 (110-EMA)
Resistance levels - 0.9661 (200-DMA), 0.9808 (61.8% Fib)
Recommendation: Good to go long on dips, SL: 0.9550, TP: 0.9660/ 0.97/ 0.98
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
