7647065 7/13/2017 6:07 PM, AUD/CAD intraday: the RSI is overbought


Our pivot point stands at 0.9824.


Our preference

: the upside prevails as long as 0.9824 is support.


Alternative scenario

: the downside breakout of 0.9824 would call for 0.9792 and 0.9773.


Comment

: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 0.9823 and 0.9817).


Supports and resistances

:

0.9948 **

0.9929 *

0.9910 **

0.9891

0.9852 last

0.9836

0.9824 **

0.9792 *

0.9773 **