Bullish Bat with RSI divergence on AUD/CAD, test of 0.96 likely
"Bullish Bat" pattern completed on AUD/CAD dailies.
Potential Reversal Zone: 0.9323
Bullish 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.
RSI 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
Potential Reversal Zone: 0.9323
Bullish 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.
RSI 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
Comment:
TP2 achieved.
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.
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.
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.