- FX: Support at 0.9182 and 0.9102 is expected to attract buying interest in AUD/CAD for an attempt to pierce nearby congestive resistance at 0.9370. A daily close above this pivot point would sustain the current uptrend,targeting 0.9513, followed by the ascending channel top at 0.9573.
- AUD/CAD has been trending higher in an orderly fashion since late December, after the formation of a triple bottom established a firm base for the cross.
- Recent price action has been consolidative in nature, with good support at 0.9102 containing pullbacks.
- With the daily studies displaying upward momentum from neutral levels, we note that prices are nearing an important short-term resistance level at 0.9370.
- This level can be implemented as a pivot point – as a daily close above 0.9370 would sustain the uptrend and target secondary resistance levels at 0.9513 (the 2006 high), followed by the ascending channel top at 0.9573.
- Given the uptrend that is in place, support at 0.9182 (the ascending channel base) and 0.9102 should attract buying interest.
- Consider placing a stop below the 0.9102 level – as a breach of this congestive support area would confirm a bearish trend reversal that would target 0.8922 initially.
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