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Add as a preferred source on Google FxWirePro: AUD/CAD holds 200-day MA support, good to go long on dips AUD/CAD has held major support by 200-DMA at 0.9781 and edged higher on the day. We have evidenced a hammer formation at lows near 0.9761 on Friday's trade, scope for upside upto 0.9932 (23.6% Fib). 38.2% Fib at 0.9816 i…
By FxWirePro Team Aug 23, 2016, 5:58 AM UTC
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AUD/CAD has held major support by 200-DMA at 0.9781 and edged higher on the day.
We have evidenced a hammer formation at lows near 0.9761 on Friday's trade, scope for upside upto 0.9932 (23.6% Fib).
38.2% Fib at 0.9816 is now immediate support, break below finds next major support at 200-DMA by 0.9783.
Stochs are showing a rollover from oversold territory, RSI is also biased higher.
Recommendation: We advise going long on dips around 0.9865, SL: 0.98, TP: 0.9930/ 0.9970
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