- AUD/CAD is extending consolidation phase after break above 200-DMA at 1.0025.
- Technical indicators are biased higher, momentum studies bullish.
- The pair finds major resistance at 1.0044 (weekly 20-SMA), decisive break above to see further upside.
- Symmetric triangle pattern seen on weekly charts. The pair has bounced off triangle base.
- Break above weekly 20-SMA could see upside till triangle top at 1.030.
- On the flipside, break below 20-DMA at 0.9951 could see reversal.
Support levels - 1.0024 (5-DMA), 0.9960 (20-DMA), 0.9942 (weekly cloud top)
Resistance levels - 1.0044 (weekly 20-SMA), 1.0112 (16.8% Fib of 1.0345 to 0.97348 fall), 1.0133 (cloud top)
Recommendation: Good to go long around 1.0030/35, SL: 0.9960, TP: 1.01/ 1.0130/ 1.02
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 20.8247 (Neutral), while Hourly CAD Spot Index was at -38.2409 (Neutral) at 0915 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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