FxWirePro: AUD/CAD upside capped by 233- 4H MA, good to buy on dips
Major resistance – 0.9745 (233- 4 H MA). AUD/CAD has shown a minor recovery of 168 pips from the low of 0.9579. The pair breaks trend line resistance at 0.97285 (trend line joining 0.99168 and 0.97865). It is currently t…
AUD/CAD has shown a minor recovery of 168 pips from the low of 0.9579. The pair breaks trend line resistance at 0.97285 (trend line joining 0.99168 and 0.97865). It is currently trading at 0.97300.
The pair should break above 0.9745 (233- 4H MA) and any break above will take the pair till 0.97850/0.98450.
On the lower side, near term support is around 0.9705 (23.6% retracement 0.95790 and 0.97422) and any violation below will drag the pair till 0.96660 (Dec 11th 2017 low)/0.96340 (Dec 8th 2017 low)/0.95790. Short bearish invalidation only below 0.95780.
It is good to buy on dips around 0.9705-9710 with SL around 0.9660 for the TP of 0.9785/0.9845
