- AUD/CAD is hovering around 200-DMA at 0.9842, close above will see further upside.
- Following bullish signs seen on daily charts:
- Price action has bounced off major trendline support at 0.9760
- Stochs have rolled over from oversold
- MACD line is on verge of bullish crossover on signal line
- Slight bullish divergence seen on RSI
- The pair has broken above major trendline resistance at 0.9840
- Support levels - 0.9836 (5-DMA), 0.98 (trendline), 0.9760 (trendline), 0.9730 (July 21 low)
- Resistance levels - 0.9885 (Dec 14 high), 0.99, 0.9910 (23.6% Fib), 0.9912 (20-DMA)
Recommendation: We prefer to wait for confirmation on MACD, RSI above 50 and close above 200-DMA to go long.
FxWirePro's Hourly AUD Spot Index was at 31.724 (Neutral), while Hourly CAD Spot Index was at -77.962 (Bearish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
