Potential Reversal Zone: 0.9323
invalidation below: 0.9150
Target Price: 0.95/0.96/0.9775
Pair is currently struggling at 21-DMA at 0.9452, break above will see upside.
divergence from price action see, supports gains.
Good to buy dips around 0.9420/30, SL: 0.9320, TP: 0.95/0.9575/0.96
Upbeat Australian GDP report boosts Aussies bulls. Australia’s Q1 GDP q/q came in at +1.1% versus +0.8% expected and from +0.7% prior (revised higher from +0.6%).
The latest GDP figures added to the recent streak of upbeat fundamentals, including Aus trade, jobs and building approvals data.
Stabilization in commodities market also lends support to the bullish momentum in the Aussie.
Target price 1 has been achieved. Recommend holding for further upside.
AUD/CAD hit highs of 0.9587.
Book partial profits at highs. Pair is at oversold tagging upper BB on dailies.
Scope for upside remains. Bollinger bands are widening.
Hold for targets.