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FxWirePro: AUD/CAD finds stiff resistance 0.9535-0.9540 region, good to stay short on upticks

AUD/CAD chart on Trading View used for analysis

  • AUD/CAD is trading in a narrow range on the day at 0.9507 at 0715 GMT.
     
  • Antipodeans hit by the latest report that the US-China trade talks could be delayed, in light of the US shutdown.
     
  • The pair is extending weakness after rejection at 200-DMA, bias remains bearish.
     
  • RSI is well below 50 levels and Stochs are showing retrace from near overbought levels.
     
  • The pair finds major resistance at 0.9535 - 0.9540 levels. Upside only on decisive break above.
     
  • Price action has slipped below 38.2% Fib and is on track to test 50% Fib at 0.9440.

Support levels - 0.9454 (Jan 8 low), 0.9440 (50% Fib), 0.9360 (61.8% Fib)

Resistance levels - 0.9519 (38.2% Fib), 0.9540 (20-DMA), 0.9583 (200-DMA)

Recommendation: Good to stay short on rallies, SL: 0.9585, TP: 0.9455/ 0.94/ 0.9360

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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