Hello traders! AUD/CAD trend remains strongly bullish and price continues to produce higher highs and higher lows. After pair broke above the 0.9444 resistance, it has been consistently rejecting the uptrend trendline and the 200 Simple Moving Average.
The most recent bounce off the SMA occurred on July 24, where price also rejected 127.2% Fibonacci retracement level at 0.9492. The current price action shows, that AUD/CAD is rejecting the uptrend trendline yet again, suggesting further growth potential
As long as price remains above the 127.2% Fibonacci support at 0.9492, AUD/CAD is highly likely to continue rising. But perhaps price will struggle to break above the previously made high at 0.9696 and will aim for a double top near the previous resistance.
The key resistance is seen at 0.9664, where two Fibonacci retracement levels are based. These are 127.2% and 23.6% Fibs applied to the last wave up where price has established a 0.9696 high.
Bias: Strongly bullish while above 0.9492
Potential Support Zone: 0.9530 – 0.9550
Potential Targets: 0.9664
Have a profitable trading!