Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/CAD holds channel base support at 0.9615, good to buy dips

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)

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.