AUD/CAD holds channel base support at 0.9615, good to buy dips

AUD/CAD has taken channel base support at 0.9615 and edged higher to currently trade at 0.9705.

RSI has turned North from oversold levels and daily Stochs has shown a bullish crossover.

Price action is however below the cloud, with cloud base at 0.9741 offering strong resistance on the upside.

Breaks below channel base at 0.9615 cloud see next support at 0.9596 (Nov 24th lows) and then 0.9591 (Double bottom - Nov 23rd and 30th).

Good to buy dips around 0.9690, SL: 0.9610, TP: 0.9740/0.9780/0.9820

Resistance Levels:

R1: 0.9741 (cloud base)

R2: 0.9779 (5-DMA)

R3: 0.9813 (10-DMA)

Support Levels:

S1: 0.9615 (channel base)

S2: 0.9596 (Nov 24th lows)

S3: 0.9591 (Double bottom - Nov 23rd and 30th)