- AUD/CAD extends gains after breach of 20-DMA resistance at 0.9719.
- The pair is struggling to extend gains above 23.6% Fib at 0.9783.
- Technical studies are biased higher. RSI and Stochs are at neutral territory, bias higher.
- MACD line has shown a bullish crossover over signal line, scope for test of next major resistance by 200-DMA at 0.9820.
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral , Bias lower
4H Bullish Neutral, bias higher
1D Bullish Overbought, Bias higher
1W Bearish, fading Oversold, Bias neutral
Support levels - 0.9716 (5&20-DMA), 0.97, 0.9645 (Jan 6 low), 0.96
Resistance levels - 0.9783 (23.6% Fib) 0.9795 (Dec 28 high), 0.98, 0.9820 (200-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Upside-momentum-in-AUD-CAD-builds-after-breach-of-20-DMA-good-to) has achieved TP1.
Recommendation: Bias higher, hold for targets. Bullish invalidation below 0.9715.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 158.532(Highly bullish), while Hourly CAD Spot Index was at -22.6053 (Neutral) at 0740 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.