AUD/CAD technicals and trade setup

FX:AUDCAD   Australian Dollar/Canadian Dollar
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AUD/CAD bullish engulfing pattern evidences breach of stern resistance, one touch binary calls for 40-50 pips and shorts in futures

On weekly plotting, Bullish engulfing is traced out at 0.9524 level that is exactly at supports of 0.9511 levels.

Currently, the RSI oscillator is in a clear convergence to the on-going rising prices on both daily as well as weekly charts.

To substantiate this stance, buying momentum has been intensified as the strong signs of convergence on the slow stochastic curve on the weekly chart as there is clear %K line crossover above 20 levels which is an oversold zone.

As a result, we are seeing the current prices spiking above 7DMA.

The downtrend on monthly plotting is drifting in sideways or mildly upswings but can never rely on this short-term bulls rallies for investment decisions.

The current prices on monthly plotting have been well below EMAs.

Bounces above may be deemed as more upside potential but maximum upto resistance at 0.9747, failure swings may lead to the retest of at 0.9331 levels with continued selling momentum.

However, since both EOD             and weekly charts signal little upside sentiments at the moment as we observed the pair has currently been able to sustain rallies one can eye on one touch binary call options on speculative grounds for a target of 40-50 pips with ease.

Please be noted that this call is exclusively meant for speculation purpose and for intraday, for delivery a close watch on a decisive breakout and sustenance above DMAs.

Alternatively, on hedging grounds, long term hedgers should stay short in mid-month futures to arrest continued slumps.
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