- 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.
- MACD line has shown a bullish crossover over signal line, trend remains higher.
- We see scope for test of 50-DMA at 0.9885, weakness only on close below 200-DMA.
- Support levels - 0.9820 (200-DMA), 0.98, 0.9793 (5-DMA), 0.9784 (23.6% Fib of 1.0397 to 0.9595 fall)
- Resistance levels - 0.9885 (50-DMA), 0.9901 (38.2% Fib), 0.9939 (Dec 5th high)
Recommendation: Good to go long on dips around 0.9845, SL: 0.9790, TP: 0.9885/ 0.99/ 0.9930
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 80.6294 (Highly bullish), while Hourly CAD Spot Index was at -49.8283 (Neutral) at 0820 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.