FxWirePro: AUD/CAD retraces break above 200-DMA, finds stiff resistance at 1.0060

• AUD/CAD has retraced brief break above 200-DMA at 1.0033, bias still higher.
   
• The Aussie spiked across the board after a big jump in Australia full time employment numbers.
   
• Data released earlier today showed June employment change at 14k vs 15k expected.
   
• The jobless rate ticked higher to 5.6% as expected, while the full time employment came-in at 62K in June vs 52.1K in May.
   
• AUD/CAD hit 1.0057, before paring gains to currently trade around 1.0016 levels.
   
• We see major trendline resistance at 1.0060, break above needed for further upside.
   
• Technical indicators are still biased higher, but Stochs are at overbought levels, so caution advised.
   

Support levels - 0.9968 (converged 5-DMA & 38.2% Fib retrace of 1.03458 to 0.97348 fall), 0.9920 (20-DMA), 0.99

Resistance levels - 1.0033 (200-DMA), 1.0060 (trendline), 1.0085 (June 27 high)

TIME   TREND INDEX   OB/OS INDEX   

1H          Neutral               Neutral      

4H          Neutral               Overbought       

1D          Bullish                 Overbought       

1W         Neutral               Neutral     

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-breaks-major-resistance-at-09955-eyes-200-DMA-at-10033-stay-long-807308) has hit TP1&2.

Recommendation: Book partial profits at highs. Raise trailing stops to 0.9965, watch out for break above 1.0060, target 1.0085/ 1.0100.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 65.2593 (Neutral), while Hourly CAD Spot Index was at 99.5165 (Bullish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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