FxWirePro: AUD/CAD breaks above 23.6% Fib, targets 0.9650
Thursday, June 16, 2016 6:34 AM UTC
- AUD/CAD has broken above 23.6% Fib of Dec 28th to May 23rd fall) at 0.9523.
- Techs on weekly charts show scope for further gains in the pair. Stochs are on the verge of a rollover from oversold and RSI is biased north.
- Upside on dailies currently stalls at 0.9587, pair has edged lower to currently trade around 0.9547 levels.
- We had advised a long in the pair (http://www.econotimes.com/FxWirePro-Bullish-Bat-pattern-on-AUD-CAD-dailies-test-of-096-likely-215024), which is progressing.
- Targets almost hit at 0.9587, we recommend booking partial profits at highs. Close above 50-DMA at 0.9567 will see upside resume.
- Next major hurdle on the upside above 0.96 levels lies at 0.9646 (38.2% Fib of Dec 28th to May 23rd fall). Break above will see gains upto 0.97 (weekly 20-SMA).
- Supports on the downside are seen at 0.9495 (5-DMA), 0.9450 (June 8th lows).