FxWirePro: AUD/CAD holds above 21-EMA, eyes 23.6% Fib at 0.9375, stay long on dips

AUD/CAD chart on Trading View used for analysis 

• AUD/CAD has shown a break above 21-EMA, intraday bias higher.
   
• The pair has hit highs of 0.9312 before paring some gains to currently trade at 0.93.
   
• Momentum studies are bullish, RSI is biased higher and holds above 50 mark.
   
• MACD supports upside in the pair and bollinger bands are widening suggesting rise in volatility.
   
• We see scope for test of 55-EMA at 0.9361, break above to see further gains.
   
• Major trend still remains bearish. Breakout at 110-EMA to see bearish invalidation.

Support levels - 0.9276 (21-EMA), 0.9238 (20-DMA), 0.9124 (Lower BB)

Resistance levels - 0.9361 (55-EMA), 0.94, 0.9484 (110-EMA)

Recommendation: Good to stay long on dips, SL: 0.9240, TP: 0.9360/ 0.94/ 0.9480

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.