AUD/CAD chart on Trading View used for analysis
- AUD/CAD bounces off daily cloud base at 0.9450, bias neutral.
- The pair has edged higher for the second straight session, is currently trading at 0.95, up 0.17% on the day.
- Upside is capped at 20-DMA at 0.9512. Break above could see further upside.
- Next major resistance lies at 200-DMA and we need a decisive break above for further upside.
- On the flipside, rejection at 20-DMA and break below cloud will see drag till 61.8% Fib at 0.9360.
Support levels - 0.9440 (50% Fib), 0.9360 (61.8% Fib), 0.9281 (Jan 3rd low)
Resistance levels - 0.9512 (20-DMA), 0.9573 (200-DMA), 0.9616 (23.6% Fib)
Recommendation: Watch out for break above 20-DMA to go long
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
