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FxWirePro: AUD/CAD struggles at weekly 20-SMA at 1.0043, further bullishness only on break above

  • AUD/CAD is trading largely muted on the day, made a high of 1.0042 and a low of 1.0016.
     
  • The pair finds major resistance at 1.0043 (weekly 20-SMA), we see further bullishness only on break above.
     
  • On the daily charts, the pair is struggling to see a decisive break above 200-DMA at 1.0026.
     
  • Technical indicators are biased higher, momentum studies bullish.
     
  • Decisive break above 200-DMA could propel pair to new heights. On the flipside, break below 20-DMA at 0.9951 could see reversal.

Support levels - 1.0012 (5-DMA), 0.9951 (20-DMA), 0.9947 (weekly cloud top)

Resistance levels - 1.0043 (weekly 20-SMA), 1.0112 (16.8% Fib of 1.0345 to 0.97348 fall), 1.0133 (cloud top)

Recommendation: Watch out for decisive break above 200-DMA to go long, target 1.0112 

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