AUDCAD is approaching our first support at 0.9665 (horizontal overlap support) and a strong bounce might occur above this level pushing price up to our major resistance at 0.9740 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout above our intermediate resistance at 0.9709 (horizontal overlap resistance, 23.6% Fibonacci retracement) might provide the bullish acceleration to our major resistance target. RSI (89) is also seeing a bullish exit in line with our bullish bias. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.