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AUD/CAD chart on Trading View used for analysis
- AUD/CAD has shown a break above 21-EMA, intraday bias higher.
- The pair has hit highs of 0.9312 before paring some gains to currently trade at 0.93.
- Momentum studies are bullish, RSI is biased higher and holds above 50 mark.
- MACD supports upside in the pair and bollinger bands are widening suggesting rise in volatility.
- We see scope for test of 55-EMA at 0.9361, break above to see further gains.
- Major trend still remains bearish. Breakout at 110-EMA to see bearish invalidation.
Support levels - 0.9276 (21-EMA), 0.9238 (20-DMA), 0.9124 (Lower BB)
Resistance levels - 0.9361 (55-EMA), 0.94, 0.9484 (110-EMA)
Recommendation: Good to stay long on dips, SL: 0.9240, TP: 0.9360/ 0.94/ 0.9480
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
