AUD/CAD eyes 200-DMA at 0.9820,good to long dips
AUD/CAD extends gains after breach of resistance at 20-DMA and channel top.
The pair finds minor resistance by 23.6% Fib at 0.9783, break above to resume upside.
Technical studies are biased higher. RSI and Stochs are at neutral territory, bias higher.
MACD line has shown a bullish crossover over signal line, scope for test of next major resistance by 200-DMA at 0.9820.
Support levels - 0.9716 (5&20-DMA), 0.97, 0.9645 (Jan 6 low), 0.96
Resistance levels - 0.9783 (23.6% Fib) 0.9795 (Dec 28 high), 0.98, 0.9820 (200-DMA)
Good to go long on dips around 0.9740, SL: 0.97, TP: 0.9795/ 0.9820
The pair finds minor resistance by 23.6% Fib at 0.9783, break above to resume upside.
Technical studies are biased higher. RSI and Stochs are at neutral territory, bias higher.
MACD line has shown a bullish crossover over signal line, scope for test of next major resistance by 200-DMA at 0.9820.
Support levels - 0.9716 (5&20-DMA), 0.97, 0.9645 (Jan 6 low), 0.96
Resistance levels - 0.9783 (23.6% Fib) 0.9795 (Dec 28 high), 0.98, 0.9820 (200-DMA)
Good to go long on dips around 0.9740, SL: 0.97, TP: 0.9795/ 0.9820
Comment:
AUD/CAD has broken above 200-DMA at 0.9820, intraday bias higher.
Momentum still with the bulls. RSI in neutral territory holds above 50 levels.
We see scope for test of 50-DMA at 0.9885, weakness only on close below 200-DMA.
Momentum still with the bulls. RSI in neutral territory holds above 50 levels.
We see scope for test of 50-DMA at 0.9885, weakness only on close below 200-DMA.
200-DMA is stiff resistance.
Break above could see further upside.