- AUD/CAD has been rejected at major trendline resistance at 0.9975. Break above required for further upside.
- The pair has slipped lower from session highs at 0.9972 and is currently hovering around 0.9935 levels.
- The pair is extending break above 20-DMA, eyes major trendline resistance at 1.00.
- Technical studies are bullish. Breakout at 1.00 could see further gains.
- RSI and Stochs are biased higher. Price action holds above major moving averages.
- 5-DMA at 0.9922 is immediate support. We see bullish invalidation on retrace and close below 20-DMA.
Support levels - 0.9922 (5-DMA), 0.9901 (20-DMA), 0.9872 (38.2% Fib)
Resistance levels - 0.9962 (50% Fib), 1.00 (trendline), 1.0052 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-extends-break-above-20-DMA-eyes-major-trendline-resistance-at-100-1156694) has hit TP1.
Recommendation: Book partial profits at highs. Watch out for break above 0.9975 for further upside.
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