AUD/CAD buyers gain momentum towards weekly highs

As seen on the four-hour chart, AUD/CAD buyers are ramping up positive momentum above the middle Bollinger band on Wednesday. After some time of consolidation in the lower half of the Bollinger bands, 50-EMA served sufficient support, resulting in the price overstepping the 0.89045 hurdle to lift up bullish attention in the pair with buyers aiming for the upper band, lining up around the 0.89548 mark. If AUD/CAD succeed to maintain the bullish bias, the last week’s top at 0.89753 can come under attack as the following target for the buyers.

Otherwise, should the upper band act as a reliable resistance to halt the rally, sellers may take a lead to push the price back down towards the broken key level at 0.89045.

Short-term momentum oscillators imply an intensifying bullish bias in the market. RSI is pointing north in the buying region. Momentum is keeping up after crossing the 100-threshold. Likewise, MACD bars advanced the signal line towards the zero level, suggesting a bullish crossover may occur soon.