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FxWirePro: AUD/CAD hovers around 23.6% fib, bias higher, stay long

Source FxWire Pro - Technicals Wednesday, 11 Jan, 2017 07:56:22 GMT
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  • 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
 

Source: FxWire Pro - Technicals
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