FxWirePro: AUD/CAD Breaks Strong Resistance at 0.9825, Good to Buy Dips
14 April 2016, 09:09
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FxWirePro: AUD/CAD Breaks Strong Resistance at 0.9825, Good to Buy Dips
- AUD/CAD has broken strong trendline resistance at 0.9825, momentum is bullish.
- Better-than-expected Australian employment figures support upside in the Aussie. Data should lower the odds of further cuts by the Reserve Bank of Australia.
- The Australian Bureau of Statistics reported an Australian employment change s.a. of +26.1K in March, above forecasts of +17k, with the unemployment rate s.a. at 5.7% vs 5.9% exp.
- 2H cloud base at 0.9830 is strong support for the pair, while upside finds immediate resistance at 0.9871 (session highs Apr 12th).
Recommendation: Good to buy dips around 0.9835/40, SL: 0.98, TP: 0.9870/0.9895
The material has been provided by InstaForex Company - www.instaforex.com
