- AUD/CAD pauses at major trendline resistance at 1.00, breakout could see further bullishness.
- Technical indicators are biased higher. RSI shows strength at 59 levels. Stochs are biased higher, momentum is bullish.
- That said, bearish divergence on Stochs keeps scope for downside in the pair.
- 5-DMA at 0.9970 is immediate support, break below will see test of 20-DMA at 0.9917.
- Breach at 200-DMA support currently at 0.9873 invalidates bullish bias. Violation at 200-DMA could see major weakness.
- On the upside, breakout at major trendline resistance at 1.00 could see test of 1.0052 (61.8% Fib retrace of 1.03458 to 0.9579 fall).
Support levels -0.9970 (5-DMA), 0.9917 (20-DMA), 0.9873 (200-DMA)
Resistance levels - 1.00 (major trendline), 1.0052 (61.8% Fib retrace of 1.03458 to 0.9579 fall), 1.0074 (Aug 8 high)
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