- 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
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
