AUD/CAD has taken channel base support at 0.9615 and edged higher to currently trade at 0.9705.
- RSI has turned North from oversold levels and daily Stochs has shown a bullish crossover.
- Price action is however below the cloud, with cloud base at 0.9741 offering strong resistance on the upside.
- Breaks below channel base at 0.9615 cloud see next support at 0.9596 (Nov 24th lows) and then 0.9591 (Double bottom - Nov 23rd and 30th)
Recommendation: Good to buy dips around 0.9690, SL: 0.9610, TP: 0.9740/0.9780/0.9820.
Resistance Levels:
R1: 0.9741 (cloud base)
R2: 0.9779 (5-DMA)
R3: 0.9813 (10-DMA)
Support Levels:
S1: 0.9615 (channel base)
S2: 0.9596 (Nov 24th lows)
S3: 0.9591 (Double bottom - Nov 23rd and 30th)
