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FxWirePro: AUD/CAD struggles at 200-DMA, good to go long on break above

AUD/CAD chart - Trading View 

  • AUD/CAD struggles at stiff resistance at 200-DMA, edges lower from session highs at 0.9514.
     
  • The pair is trading 0.06% lower on the day at 0.9496 at 0700 GMT.
     
  • 200-DMA is major reistance at 0.9517 and decisive break above is required for further upside.
     
  • RSI is above 50, bias higher. Stochs show bullish momentum and MACD supports further upside.
     
  • The pair has edged above 110-EMA and breakout at 200-DMA could see gains till 0.9675.
     
  • Retrace below 110-EMA and break below 55-EMA support could see downside.

Support levels - 0.6489 (110-EMA), 0.9465 (55-EMA), 0.9386 (Mar 14 low)

Resistance levels - 0.9514 (200-DMA), 0.9580 (Jan 31 high), 0.9675 (trendline) 

Recommendation: Watchout for break above 200-DMA to go long, target 0.9675

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

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