- AUD/CAD has broken major trendline resistance at 1.0055, bias higher.
- Slight intraday weakness seen which we would recommend using as buying opportunities.
- Aussie dampened after poor employment data which is dragging the pair lower.
- Technical studies on weekly charts are strongly bullish, we see reversal in trend only on break below 100-DMA at 0.9970.
Support levels - 1.0038 (5-DMA), 1.0020 (50% Fib retrace of 1.0398 to 0.9644 fall), 0.9987 (20-DMA)
Resistance levels - 1.0110 (61.8% Fib), 1.0157 (Sept 27 high), 1.0236 (78.6% Fib)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Neutral Neutral
1D Bullish Neutral
1W Bullish Neutral
Recommendation: Good to go long on dips around 1.0060/70, SL: 0.9960, TP: 1.0110/ 1.0150/ 1.0230
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 110.416(Highly bullish), while Hourly CAD Spot Index was at -16.5398 (Neutral) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
