AUD/CAD long setup
Updated
AUD/CAD has shown a decisive break above major trendline resistance at 0.9955.
The pair is currently hovering around 1.00 mark, bulls now eyes 200-DMA at 1.0033.
Reserve Bank of Australia (RBA) maintained a hawkish tone in its July monetary policy meeting minutes, released earlier today.
Australia's employment report for the month of June, due later this week will provide further impetus.
Technical studies support upside in the pair, Stochs and RSI are biased higher, while MACD is showing a bullish crossover.
Support levels - 0.9968 (38.2% Fib), 0.9955 (trendline resistance turned support), 0.9920 (20-DMA)
Resistance levels - 1.00, 1.0033 (200-DMA), 1.0085 (June 27 high)
Good to go long on dips around 0.9970/80, SL: 0.9920, TP: 1.00/ 1.0033/ 1.0080
The pair is currently hovering around 1.00 mark, bulls now eyes 200-DMA at 1.0033.
Reserve Bank of Australia (RBA) maintained a hawkish tone in its July monetary policy meeting minutes, released earlier today.
Australia's employment report for the month of June, due later this week will provide further impetus.
Technical studies support upside in the pair, Stochs and RSI are biased higher, while MACD is showing a bullish crossover.
Support levels - 0.9968 (38.2% Fib), 0.9955 (trendline resistance turned support), 0.9920 (20-DMA)
Resistance levels - 1.00, 1.0033 (200-DMA), 1.0085 (June 27 high)
Good to go long on dips around 0.9970/80, SL: 0.9920, TP: 1.00/ 1.0033/ 1.0080
Comment
TP1&2 hit. Bias higher.
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