FxWirePro: AUD/CAD closes below 20-DMA, drag till 200-DMA at 1.0012 likely

• AUD/CAD extends slump from yearly highs at 1.03458, slips below 20-DMA.
   
• Swift recovery in crude oil prices on Friday and follow through up-move today is supporting the CAD.
   
• After the huge slump on Friday, AUD/CAD has pared some losses on the day and is trading 0.07% higher on the day at 1.0127.
   
• Technical studies are bearish, we see bearish crossover of MACD line over signal line.
   
• Next major support seen at 1.0012 (200-DMA). Violation at 200-DMA could see drag upto 0.9925 (April 12 low).

Support levels - 1.0033 (100-DMA), 1.0012 (200-DMA), 0.9925 (April 12 low)

Resistance levels - 1.0151 (20-DMA), 1.080 (23.6% Fib), 1.0191 (5-DMA),

TIME  TREND INDEX  OB/OS INDEX   

1H          Bullish                Neutral      

4H          Bullish                Neutral      

1D          Bearish               Neutral       

1W         Neutral              Neutral     

Recommendation: Good to go short on rallies around 1.0150, SL: 1.02, TP: 1.0075/ 1.0050/ 1.00

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -100.143 (Bearish), while Hourly JPY Spot Index was at -18.6013 (Neutral) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.