Long AUD/CAD break above 20-DMA
Updated
AUD/CAD finds stiff resistance at 20-DMA.
Stochs and RSI support upside.
We see bullish divergence on Stochs.
Focus on RBA Meeting Minutes along with the latest Australia Unemployment numbers for September.
5-DMA is immediate support at 0.9241, break below will see resumption of weakness.
Stay long above 20-DMA, SL: 0.9240, TP: 0.93/ 0.94
Stochs and RSI support upside.
We see bullish divergence on Stochs.
Focus on RBA Meeting Minutes along with the latest Australia Unemployment numbers for September.
5-DMA is immediate support at 0.9241, break below will see resumption of weakness.
Stay long above 20-DMA, SL: 0.9240, TP: 0.93/ 0.94
Comment
AUD/CAD rejected at 20-DMA with 'Inverted Hammer' formation on Monday's trade.Major trend in the pair is bearish and break below 5-DMA with 'Inverted Hammer' at highs raises scope for weakness.
Dip till 0.91 mark likely.
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