AUD/CAD breaks a key trendline on the hourly chart

AUD/CAD pushes 0.56% higher on Monday.
In the battle of the commodities currencies, AUD comes out on top.

Rajan Dhall, MSTA FX Daily

AUD/CAD 1-hour chart

The Australian dollar has confirmed its status at the most risk-sensitive currency after pushing higher with stocks in the US session on Monday. Some headlines came out supporting the US indices and the market turned on its head.

Looking at the hourly chart below, the price broke out of the trendline that had been put in place from the recent lower highs. The 0.9411 area is the next key resistance zone now that the trendline has been broken.

The MACD indicator has also thrown out some bullish signs. The signal lines have now pushed over the mid-lines and the histogram has turned green. The Relative Strength Index is now in an overbought (positive) area but is not yet at the heights of the oversold zone.

This move is also interesting as CAD is more oil sensitive and Brent/WTI moved higher on Monday. AUD is normally more sensitive to base mental and copper is lower on the session. This then confirms that AUD seems to be the risk currency of choice.

Additional levels

AUD/CAD

Overview
Today last price	0.9379
Today Daily Change	0.0048
Today Daily Change %	0.51
Today daily open	0.9331

Trends
Daily SMA20	0.9242
Daily SMA50	0.908
Daily SMA100	0.8917
Daily SMA200	0.8968

Levels
Previous Daily High	0.9361
Previous Daily Low	0.9287
Previous Weekly High	0.9412
Previous Weekly Low	0.9287
Previous Monthly High	0.9202
Previous Monthly Low	0.9007
Daily Fibonacci 38.2%	0.9315
Daily Fibonacci 61.8%	0.9332
Daily Pivot Point S1	0.9291
Daily Pivot Point S2	0.9252
Daily Pivot Point S3	0.9218
Daily Pivot Point R1	0.9365
Daily Pivot Point R2	0.94
Daily Pivot Point R3	0.9439

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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