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AUD/CAD breaks channel resistance, stay long in one touch binary

FX:AUDCAD   Australian Dollar/Canadian Dollar
113 0 3
On weekly plotting, Bullish engulfing most likely with US session to spare, downtrend moving sloping channel so far, bulls hovers at channel resistance, expect sideways or mildly upswings in short run.

Break above renders more upside potential but maximum upto resistance at 0.9955, failure swings may lead to downside potential at 0.9818 with continued channel formation.

However, at the moment both intraday and EOD             charts signal little upside sentiments as We observed the pair has currently been able to breach and sustain channel resistance at 0.9900 levels where prices were rejected in the recent past at the same juncture (see yellow circled area).

Currently, the RSI oscillator is a clear convergence to the ongoing rising prices on daily charts .

To substantiate, buying momentum is building as the strong signs of convergence on slow stochastic curve on daily chart as there is clear %K line crossover as it is approaching 80 levels which is an overbought zone.

Well, on speculative grounds, we recommend buying one touch binary puts in order to derive maximum leverage benefits from this upswing momentum. Wider spreads indicates lack of liquidity. Anywhere between above range from upper channel line to resistance (0.9900-0.9955) the spreads for one touch AUD/CAD             options are steady tenor and barrier levels and the thereby the return of about 30-40 pips is quite possible.

Please be noted that the this call is exclusively meant for speculation purpose and for intraday, for delivery a close watch on decisive break out and sustenance above channel resistance.
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