A few days back i recommended buying AUD/CAD ahead of 0.8200 with a stop below 0.8150, well so far so go good. The pattern on the hourly has been very constructive and is indicating a further test of 0.8350 at some stage soon, and it is possible that the AUD/USD breaking above 0.6550 could be the catalyst.

The daily chart is the one that i like the most as we are working our way higher having broken above both the 50 and 100 day MA’s whilst the 5 is firmly above the 15, another positive sign. We seem to be sticking to a nicely developing channel and my next target upon a break of the 0.8350 level is 0.8600/50 which also happens to be where we see the 200 day MA coming in.

I would be looking to add to longs on the break back above 0.8350 looking for an additional quick 100 pts. Stops on existing longs should still remain below the 0.8150 level which was the low back on the 5th March.