FxWirePro
Long

AUD/CAD holds trendline support, long dips around 0.99

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUD/CAD             extends higher after taking support by trendline at 0.9860, we see scope for further gains.

Price action is above the daily cloud and 200-DMA, cloud top at 0.9874 also offers strong supports on the downside.

Technically, RSI points north, while daily Stochs have bounced off from 20 levels and biased higher.

Brent oil             is slipping on the day after four days' winning streak, weighing on the Loonie, supporting gains for AUD/CAD             .

The pair is currently trading around 0.9911, above 5-DMA at 0.9905 and next immediate hurdle aligned at 0.9941 (10-DMA).

Supports on the downside are seen at 0.9874 (cloud top), 0.9860 (session lows and trendline support) and then at 0.9843 (Jan 8 lows).

Good to go long on dips around 0.99, SL: 0.9860, TP: 0.9940/60/80
InsideMarket
10 months ago
Very good, mate!
Reply
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