- AUD/CAD is extending break above daily cloud, intraday bias higher.
- The pair has shown break above slopping channel top at 0.9835.
- Momentum studies on daily charts are bullish, RSI is strong at 67 levels and rising.
- We find +ve DMI dominance and ADX is above 25 and rising, supporting uptrend.
- Technical studies on weekly charts also support upside. The pair has edged above 200W SMA at 0.9835.
- Bulls test 38.2% Fib retrace of 1.03458 to 0.95790 fall at 0.9871, eye 200-DMA at 0.9942.
- We see bullish invalidation if the pair fails to close above 200W SMA.
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-breaks-channel-top-eyes-200-DMA-at-09942-1062954) has hit TP1.
Recommendation: Bias higher, stay long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 159.714 (Bullish), while Hourly CAD Spot Index was at -87.8002 (Bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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