Australian Dollar rises sharply after the hawkish twist in RBA statement. AUD/CAD’s strong break of 0.9460 resistance confirms resumption of whole rise from 0.8906. Near term outlook will now stay bullish as long as 0.9337 support holds. Sustained break of 61.8% projection of 0.8906 to 0.9460 from 0.9160 at 0.9511 will indicate further upside acceleration. Next target will be 100% projection at 0.9723.
More importantly, the current development affirms the case that medium term corrective fall from 0.9991 has completed at 0.8906. AUD/CAD could be ready to resume the whole up trend from 0.8058 (2020 low).
