Forex trading signal-AUD/CAD

The overall trend of AUD/CAD is sideways, but from the last few days prices are not sustaining at lower levels & taking resistance of falling trend line & consolidating with a positive bias. In its hourly chart the pair is forming a falling channel which indicates the prices to show upside movement. 30 DMA is also acting as a support for the prices & can come up to test 200 DMA, indicating the strength for the northward journey. If AUD/CAD crosses the level of 0.9720 it can come up to the levels of 0.9780/0.9820 in today’s trading session.

   

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RSI is sustaining in buying territory & indicating the positive side movement for the day.

In MACD, MACD line has crossed the zero line & supporting the upside movement for next few sessions.

STRATEGY:- AUD/CAD has bounced back from the lower level & looking bullish on charts for next few session. One can go for buy on dips strategy for this pair for intra day to mid term positions