- AUD/CAD has shown a decisive breakout above 100-DMA at 1.0104.
- We see scope for further upside in the pair. Strong support seen by weekly cloud top at 0.9999.
- Technical indicators have turned bullish for the pair. RSI biased north and is above 50 levels.
- Australia's quarterly GDP growth came-in at 0.3%, slightly better-than expected, supporting the Australian Dollar.
- Price action has broken into daily cloud and MACD is showing a bullish crossover on signal line.
Support levels - 1.0104 (100-DMA), 1.0068 (5-DMA), 1.0030 (200-DMA)
Resistance levels - 1.0165 (May 15 high), 1.0178 (cloud top), 1.02
Call update: We had advised a long in our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-struggles-at-100-DMA-break-above-required-for-further-upside-741966)
Recommendation: Bias higher. Our call is progressing well, stay long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 150.206 (Bullish), while Hourly CAD Spot Index was at 24.0726 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
