AUDCAD on the M30 time-frame
AUDCAD may rise 40 - 59 pips
Our preference
The upside prevails as long as 0.9024 is support.
Alternative scenario
Below 0.9024, expect 0.8992 and 0.8972.
Comment
The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.9028 and 0.9019). Finally, the AUD/CAD is trading above its upper Bollinger band (standing at 0.9064).
Our preference
The upside prevails as long as 0.9024 is support.
Alternative scenario
Below 0.9024, expect 0.8992 and 0.8972.
Comment
The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.9028 and 0.9019). Finally, the AUD/CAD is trading above its upper Bollinger band (standing at 0.9064).
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