FxWirePro
Long

Long AUD/CAD on channel breakout

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUD/CAD has shown a decisive breakout at channel top, raising scope for further upside.
Canadian dollar weakens on the back of dovish BoC and falling crude oil prices.
On the otherside, the Aussie remains buoyed by stronger Chinese industrial and fixed asset investment data.
Technical studies are bullish on weekly and daily time frame charts.
The pair is now holding minor resistance at 1.0211, break above will see resumption of upside.
We see bullish invalidation on retrace and close below channel top at 1.0155.

Support levels - 1.0155 (channel top), 1.0119 (5-DMA), 1.0052 (61.8% Fib)
Resistance levels - 1.0211 (June 7th high), 1.0258 (88.6% Fib), 1.0275 (major trendline ), 1.03

Good to go long on dips around 1.0190/ 1.02, SL: 1.0150, TP: 1.0255/ 1.0275/ 1.03
there is a rejection at 1.02207 , it will be fall short unless it break above 1.02428 ..
Reply
thanks for sharing
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out