Inverted H&S on AUD/CAD, long dips
AUD/CAD has broken major trendline resistance and 50% Fib retrace of 1.03975 to 0.96439 fall at 1.00.
We see an inverted 'Head and Shoulders' pattern on the daily charts.
Watchout for a breakout above neckline at 1.0100 which could see continuation of uptrend.
5-DMA is immediate support on the downside, break below will see next major support at 0.9970 (100-DMA).
Support levels - 1.00 (trendline, 5-DMA, 50% Fib), 0.9970 (100-DMA), 0.9946 (20-DMA)
Resistance levels - 1.0101 (61.8% Fib, Jan 23 high), 1.0157 (Sept 27 high), 1.0236 (78.6% Fib)
Good to go long on dips around 1.0050, SL: 1.00, TP: 1.0100/ 1.0150
We see an inverted 'Head and Shoulders' pattern on the daily charts.
Watchout for a breakout above neckline at 1.0100 which could see continuation of uptrend.
5-DMA is immediate support on the downside, break below will see next major support at 0.9970 (100-DMA).
Support levels - 1.00 (trendline, 5-DMA, 50% Fib), 0.9970 (100-DMA), 0.9946 (20-DMA)
Resistance levels - 1.0101 (61.8% Fib, Jan 23 high), 1.0157 (Sept 27 high), 1.0236 (78.6% Fib)
Good to go long on dips around 1.0050, SL: 1.00, TP: 1.0100/ 1.0150