FxWirePro: AUD/CAD Finds Strong Resistance at 0.9915 Levels, Break Above Could See Further Upside

FxWirePro: AUD/CAD Finds Strong Resistance at 0.9915 Levels, Break Above Could See Further Upside

15 April 2016, 11:19
Roberto Jacobs
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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




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