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FxWirePro: AUD/CAD extends break above 20-DMA, eyes major trendline resistance at 1.00

  • AUD/CAD is extending break above 20-DMA, we see scope for further upside.
     
  • The pair is trading in a 'Rising Triangle' pattern and finds stiff resistance at 1.00 (triangle top).
     
  • Technical studies are bullish. Breakout at 'Triangle Top' could see further upside.
     
  • RSI and Stochs are biased higher. Price action holds above major moving averages.
     
  • 5-DMA at 0.9913 is immediate support. We see bullish invalidation on retrace and close below 20-DMA.

Support levels - 0.9913 (5-DMA), 0.9901 (20-DMA), 0.9872 (38.2% Fib)

Resistance levels - 0.9962 (50% Fib), 1.00 (trendline), 1.0052 (61.8% Fib)

Recommendation: Stay long on dips, SL: 0.9880, TP: 0.9960/ 1.00/ 1.0050

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