AUD/CAD has established a sequence of rising peaks and troughs since it found a floor and reversed course on August 5. It is now probably in a short-term uptrend which given “the trend is your friend” is more likely to continue rising than not. AUD/CAD 4-hour Chart 
The 200-period Simple Moving Average (green) lies above the current market level and appears to be acting as a resistance level. A break and close above the 200 SMA would provide confirmation of a continuation of the short-term uptrend. Such a break would also constitute an important milestone overcome, as it is the last significant SMA on the way up. Start Trading Now With The World’s Best Trading Platform! The next target higher is resistance at 0.9190 from legacy lows. The Relative Strength Index (RSI) momentum indicator has not risen into overbought territory yet suggesting the market is not at risk of a pull back. A break below 0.9020 would bring into doubt the short-term uptrend and might indicate a change to a more bearish environment. More By This Author:NZD/USD Sticks To RBNZ-Inspired Losses, Defends 0.6000 Mark Ahead Of US CPI Report NZD/JPY Retreats Sharply From Two-week Top Post-RBNZ, Seems Vulnerable Near 88.00 USD/JPY Edges Higher In A Familiar Range, Retakes 147.00 Mark Amid Risk-On Mood
