FxWirePro: AUD/CAD on track to test 200-DMA at 0.9833, good to buy on dips

• AUD/CAD has broken above major trendline resistance at 0.9745.
   
• Technical indicators have turned bullish in the short term.
   
• RSI and Stochs have rolled over from oversold territory and MACD has shown a bullish crossover on signal line.
   
• We see scope for test of 20-DMA at 0.98 and further bullishness could see test of 200-DMA at 0.9833.
   
• Support levels - 0.9734 (5-DMA), 0.97, 0.9682 (Dec 20 low), 0.96, 0.9578 (June 30 low)
   
• Resistance levels - 0.98 (20-DMA), 0.9833 (200-DMA), 0.9846 (23.6% Fib 1.0397 to 0.9676 fall)
   

Recommendation: Good to buy on dips around 0.9760/70, SL: 0.9730, TP: 0.98/ 0.9830/ 0.9845
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FxWirePro's Hourly AUD Spot Index was at 53.8433 (Neutral), while Hourly CAD Spot Index was at -83.367 (Highly Bearish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.