ION ORE vs OIL

AUDCAD gave an hourly bullish break and rallied to five-day high. We forecast the cross is titled to limited downside risk. The erosion of the 0.9630-0.9660 threshold is highly encouraging all the more so as the daily volatility tends to increase markedly and as the daily studies are bullish.

Especially the RSI run through the descending trendline, and we expect the price will follow soon. Finally, the cross ready to satisfy the conditional uptrend to 0.9740 and 0.9780 if recovery back above 0.9700 level. Supports are at 0.9660 and 0.9630.

Read: AUD/crosses technical focus

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