FxWirePro: AUD/CAD Finds Strong Resistance at 0.9915 Levels, Break Above Could See Further Upside
- Aussie bulls buoyed by RBA's upbeat Financial Stability Review and renewed risk-on sentiment triggered by positive China data.
- FSR noted that the Australian financial system remains in good shape and “overall household resilience remains sound, supported by jobs growth and low rates.”
- The Chinese macro updates came in positive, with the GDP figures meeting expectations, while the industrial production, retail sales and fixed asset data outpacing estimates.
- AUD/CAD is trading by session highs at 0.9901, with scope for further upside.
- The pair finds strong resistance at 0.9915 levels, break above could see test of 0.9930 and the 0.9965.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-breaks-strong-resistance-at-09825-good-to-buy-dips-194657) has hit all targets.
Recommendation: Book partial profits, raise stops to 0.9864, target 0.9930/0.9965
The material has been provided by InstaForex Company - www.instaforex.com