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FxWirePro: AUD/CAD on track to test 50-DMA at 0.9885, good to go long on dips

  • 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
 

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