AUD/CAD: Bulls take over the wheels – DBS Bank
|AUD/CAD has straddled a 6.8% price corridor since the start of the year. Advancing beyond Kijun resistance at 0.9283 should encourage a positive MACD signal turn underpinning the cross, Benjamin Wong, Strategist at DBS Bank reports.
Going long on base building
“The first resistance obstacle at 0.9168 has been cleared together with the 100-day moving average (DMA)/200-DMA resistance axis around 0.9207. The Kijun resistance at 0.9283 is next on the table. The standard deviation indicator at midline which allows more upside to unravel once the MACD (moving average convergence divergence) signal cuts to affirm.”
“AUD/CAD has edged higher from a recent 0.8909 low to top at 0.9516 but its retracement stood well at a 76.4% Fibonacci that provided a recent 0.9049 low. This has provided the buffer grounds for the current rally developing; base building is here.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.