AUD/CAD breaks above 100-DMA, bias higher, stay long
AUD/CAD has shown a decisive breakout above 100-DMA at 1.0104.
We see scope for further upside in the pair. Strong support seen by weekly cloud top at 0.9999.
Technical indicators have turned bullish for the pair. RSI biased north and is above 50 levels.
Australia's quarterly GDP growth came-in at 0.3%, slightly better-than expected, supporting the Australian Dollar.
Price action has broken into daily cloud and MACD is showing a bullish crossover on signal line.
Support levels - 1.0104 (100-DMA), 1.0068 (5-DMA), 1.0030 (200-DMA)
Resistance levels - 1.0165 (May 15 high), 1.0178 (cloud top), 1.02
Good to go long around 1.0140/50 levels, SL: 1.0100, TP: 1.0180/ 1.02/ 1.0265
We see scope for further upside in the pair. Strong support seen by weekly cloud top at 0.9999.
Technical indicators have turned bullish for the pair. RSI biased north and is above 50 levels.
Australia's quarterly GDP growth came-in at 0.3%, slightly better-than expected, supporting the Australian Dollar.
Price action has broken into daily cloud and MACD is showing a bullish crossover on signal line.
Support levels - 1.0104 (100-DMA), 1.0068 (5-DMA), 1.0030 (200-DMA)
Resistance levels - 1.0165 (May 15 high), 1.0178 (cloud top), 1.02
Good to go long around 1.0140/50 levels, SL: 1.0100, TP: 1.0180/ 1.02/ 1.0265