AUD/CAD rallied since yesterday and it could approach and reach fresh new highs as the pair is traded within an uptrend. The rate has moved sideways in the short term trying to accumulate more bullish energy.
The price action has signaled that the temporary range could be ended, so AUD/CAD could resume its growth. It's traded at 0.9840 level after reaching a short-term static resistance. Technically, the rate could slip lower on the H4 chart before moving forward towards new highs.
AUD/CAD Trading Opportunity!
AUD/CAD has escaped from the descending pitchfork's body without reaching the median line (ML) signaling that the upwards movement could resume. It has broken above the first warning line (wl1) and now is pressuring the R1 (0.9844) static resistance.
From the technical point of view, the most recent false breakdown with great separation below 0.9774 critical static support signals strong buyers on the H4 chart. As you can see, AUD/CAD has retested the broken warning line confirming the breakout and the upside potential.
Trading Tips!
Closing above 0.9854 today's high suggests buying with an immediate upside target at 0.9900 psychological level. A new higher high, passing and stabilizing above this psychological obstacle indicates a larger increase ahead.
