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Long

Bullish Bat with RSI divergence on AUD/CAD, test of 0.96 likely

FX:AUDCAD   Australian Dollar/Canadian Dollar
176 0 9
"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
Comment: Upbeat GDP data buoys Aussie bulls, AUD/CAD extends gains above 23.6% Fib, stay long.

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.
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.
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