FxWirePro: AUD/CAD finds stiff resistance at 21-EMA at 0.9673, good to go long on break above

• AUD/CAD breaks above 5-DMA at 0.9624, trades 0.18% higher on the day at 0.9633 levels.
   
• The pair finds stiff resistance at 21-EMA at 0.9673, breakout at 21-EMA could see further upside.
   
• Technical studies are turning slightly bullish. Stochs have shown a rollover from oversold levels.
   
• We also evidence bullish divergence on RSI and Stochs which adds to the bullish bias.
   
• Breakout at 21-EMA will see test of 23.6% Fib at 0.9716. Further bullishness could take the pair to 50-DMA at 0.9811.
   
• On the downside, we see major trendline support at 0.9550, break below will see resumption of weakness.

Support levels - 0.9624 (5-DMA), 0.96, 0.9550 (trendline)

Resistance levels - 0.9716 (21-EMA), 0.9785 (Nov 30 high), 0.9811 (50-DMA)

Recommendation: Watchout for breakout at 21-EMA to go long. Target 0.9716/ 0.9811.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 103.652 (Bullish), while Hourly CAD Spot Index was at 67.3483 (Neutral) at 0720 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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