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Add as a preferred source on Google FxWirePro: AUD/CAD struggles at 23.6% Fib, good to go long on break above AUD/CAD is extending rebound from strong support around 0.9725 levels (38.2% Fib and 200-DMA). The pair is currently trading at 0.9820 levels, struggling to extend gains above 23.6% Fib at 0.9817 levels. A decisive break…
By FxWire Pro Jul 25, 2016, 5:04 AM UTC
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AUD/CAD is extending rebound from strong support around 0.9725 levels (38.2% Fib and 200-DMA).
The pair is currently trading at 0.9820 levels, struggling to extend gains above 23.6% Fib at 0.9817 levels.
A decisive breakout above 23.6% Fib will see resumption of upside, next major hurdle at 0.99 and then at 0.9970.
Bullish invalidation only below 38.2% Fib at 0.9723, violation there could drag the pair to 0.9650 levels.
Recommendation: Good to go long on breakout above 0.9825 levels, SL: 0.9720, TP: 0.99/ 0.9970
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