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FxWirePro: AUD/CAD struggles to break major trendline resistance at 0.9990, long break above

AUD/CAD struggles to extend gains beyond major trendline resistance (currently at 0.9990). Momentum studies for the pair are higher. Stochs biased higher, RSI strength seen above 62 levels. Break above major resistance a…

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FxWirePro: AUD/CAD struggles to break major trendline resistance at 0.9990, long break above
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  • AUD/CAD struggles to extend gains beyond major trendline resistance (currently at 0.9990).
     
  • Momentum studies for the pair are higher. Stochs biased higher, RSI strength seen above 62 levels.
     
  • Break above major resistance at 0.9990 levels likely to target 1.0062 levels.
     
  • Cloud offers strong support on the downside, weakness likely on break below.
     
  • Major support levels - 0.9944 (cloud top), 0.9932 (23.6% Fib 0.9324 to 1.0120 rise), 0.9914 (10-DMA) 
     
  • Major resistance levels - 0.9976 (Sept 19 high), 0.9990 (trendline), 1.0 (Aug 12 high)
    ​

Recommendation: Good to go long on breakout above 0.9990, SL: 0.9930, TP: 1.0026/ 1.0062
 

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