FxWirePro: AUD/CAD breaks strong resistance at 0.9825, good to buy dips
AUD/CAD has broken strong trendline resistance at 0.9825, momentum is bullish. Better-than-expected Australian employment figures support upside in the Aussie. Data should lower the odds of further cuts by the Reserve Ba…
AUD/CAD has broken strong trendline resistance at 0.9825, momentum is bullish.
Better-than-expected Australian employment figures support upside in the Aussie. Data should lower the odds of further cuts by the Reserve Bank of Australia.
The Australian Bureau of Statistics reported an Australian employment change s.a. of +26.1K in March, above forecasts of +17k, with the unemployment rate s.a. at 5.7% vs 5.9% exp.
2H cloud base at 0.9830 is strong support for the pair, while upside finds immediate resistance at 0.9871 (session highs Apr 12th).
Recommendation: Good to buy dips around 0.9835/40, SL: 0.98, TP: 0.9870/0.9895
