- AUD/CAD has retraced dip below 200-DMA and has edged higher.
- The pair is currently struggling at 100-DMA at 1.0101, break above is required for further upside.
- The pair is holding weekly cloud support at 0.9999, we see weakness only on break below.
- RSI has turned north and follow on with Stochs turn from near oversold levels adds support.
- Aussie stalled disappointing current account data-led slide and has edged higher post RBA announcement.
- Technical indicators are biased higher, break above 100-DMA could see test of 1.0165 and then 0.02 levels.
Support levels - 1.0036 (5-DMA), 0.9999 (weekly cloud top), 0.9987 (weekly 50-SMA)
Resistance levels - 1.0098 (weekly 20-SMA), 1.0165 (May 15 high), 1.02
Recommendation: Good to go long on breakout above 1.01 levels, SL: 1.0025, TP: 1.0165/ 1.02/ 1.0265.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 72.8893 (Neutral), while Hourly CAD Spot Index was at -19.5716 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
