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FxWirePro: AUD/CAD Trade Idea

FxWirePro's Currency Strength Index bias for AUD/CAD: Bearish

FxWirePro's Hourly AUD Spot Index was at -75.8727 - (Bearish)

FxWirePro's Hourly CAD Spot Index was at 119.359 - (Bullish)

Technical Analysis: Bias bearish

- Fails to hold break above 100-DMA and Triangle top

- Breaks below 20 and 50 DMA and dips below daily cloud

- RSI and Stochs biased lower

- MACD shows bearish crossover on signal line

Data in Focus:

- Reserve Bank of Australia (RBA) due 7th, but unlikely to offer anything new.

- Canada Ivey PMI data due later in the day.

Support levels - 0.9735 (July 12 low), 0.97 (Sept 27 low), 0.9680 (trendline)

Resistance levels - 0.9809 (50-DMA), 0.9820 (20-DMA), 0.9829 (5-DMA), 0.9833 (23.6% Fib retracement of 1.0345 to 0.9675 fall)

Recommendation: Good to go short on rallies around 0.9770/80, SL: 0.9830, TP: 0.9735/ 0.97/ 0.9680.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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