FxWirePro: AUD/CAD breaks major trendline resistance at 1.00, good to go long on dips

AUD/CAD has broken major trendline resistance at 1.00, intraday bias higher.

The pair has broken above 50% Fib retrace of 1.03975 to 0.96439 fall at 1.00.

5-DMA is immediate support on the downside, break below will see next major support at 0.9970 (100-DMA).

We see an inverted 'Head and Shoulders' pattern on the daily charts.

Watch out for a breakout above neckline at 1.0100 which could see continuation of uptrend.

Support levels - 1.00 (trendline, 5-DMA, 50% Fib), 0.9970 (100-DMA), 0.9946 (20-DMA)

Resistance levels - 1.0101 (61.8% Fib, Jan 23 high), 1.0157 (Sept 27 high), 1.0236 (78.6% Fib)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral                Neutral       
4H          Bullish                Neutral       
1D          Bullish                Neutral        
1W         Bullish                Neutral      

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-trade-idea-long-dips-for-100-519473) has hit all targets.

Recommendation: Good to go long on dips around 1.0050, SL: 1.00, TP: 1.01/ 1.0150

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -53.3369(Bearish), while Hourly CAD Spot Index was at -46.7239 (Neutral) at 0535 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.