FxWirePro: AUD/CAD breaks major trendline resistance at 1.0175, intraday bias higher

• AUD/CAD has broken major trendline resistance at 1.0175, bias higher.
   
• We have seen a decisive break above 5-DMA which was capping upside from the past few sessions.
   
• Bearish divergence on RSI still keeps possibility for downside in the pair. 
   
• Break below 20-DMA will confirm bearishness. Scope then for test of 100-DMA at 0.9984.
   
• Australia unemployment report due Thursday, 16th March will be the main driver for the pair.
   
• Focus also on oil price movements. U.S. oil which has slipped below $49 mark for the first time since Jan 2017 keeps downside pressure on CAD.
   
• Violation at 100-DMA finds next major support at daily cloud by 0.9925.

Support levels - 1.0163 (5-DMA), 1.0121 (20-DMA), 1.010 (23.6% Fib retrace of 0.96439 to 1.02537 rally)

Resistance levels - 1.0215 (Mar 7 high), 1.0236 (78.6% Fib), 1.0253 (March 1 high)

TIME  TREND INDEX  OB/OS INDEX    

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

Recommendation: Good to go long, SL: 1.0160, TP: 1.0250/ 1.03

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 107.014(Highly bullish), while Hourly CAD Spot Index was at -79.011 (Bearish) at 0740 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.