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FxWirePro: AUD/CAD struggles to break major trendline resistance at 0.9990, long break above

  • AUD/CAD struggles to extend gains beyond major trendline resistance (currently at 0.9990).
     
  • Momentum studies for the pair are higher. Stochs biased higher, RSI strength seen above 62 levels.
     
  • Break above major resistance at 0.9990 levels likely to target 1.0062 levels.
     
  • Cloud offers strong support on the downside, weakness likely on break below.
     
  • Major support levels - 0.9944 (cloud top), 0.9932 (23.6% Fib 0.9324 to 1.0120 rise), 0.9914 (10-DMA) 
     
  • Major resistance levels - 0.9976 (Sept 19 high), 0.9990 (trendline), 1.0 (Aug 12 high)

Recommendation: Good to go long on breakout above 0.9990, SL: 0.9930, TP: 1.0026/ 1.0062
 

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