- AUD/CAD is consolidating break above 61.8% Fib, bias higher.
- The pair is extending upside after breaking above major trendline resistance at 1.00.
- Technical indicators are biased higher. RSI shows strength at 68 levels.
- Bollinger bands are widening and Stochs are biased higher. Momentum is bullish.
- Next major resistance lies at 78.6% Fib at 1.0181. Break above 78.6% Fib raises scope for test of channel top at 1.0130.
- Bearish divergence on Stochs raises need for caution. That said, breakout at channel top could see further bullishness.
- On the downside, 5-DMA at 1.0037 is immediate support. Retrace below trendline resistance turned support at 0.9965 invalidates bullish bias.
Support levels - 1.0052 (61.8% Fib retrace of 1.0345 to 0.9579 fall), 1.0037 (5-DMA), 0.9965 (trendline)
Resistance levels - 1.0130 (channel top), 1.0181 (78.6% Fib), 1.02
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
