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FxWirePro: AUD/CAD pivotal at daily cloud, 'Bearish Divergence' keeps scope for downside

AUD/CAD chart - Trading View 

AUD/CAD was trading 0.07% lower on the day at 0.9538 at around 10:40 GMT. Price action remains pivotal at daily cloud.

Major trend as evidenced by the GMMA indicator is bullish. However, breach below will open downside.

5-DMA has turned and Stochs and RSI are biased lower, with Stochs showing a bearish rollover from overbought levels.

Price action has slipped below 200H MA. Further, a 'Bearish Divergence' on RSI and Stochs adds downside pressure in the pair. 

Major Support Levels: 

S1: 0.9537 (nearly converged 200W MA, 21-EMA and Cloud top)

S2: 0.9469 (55-EMA)

S3: 0.9337 (110-EMA)

Major Resistance Levels: 

R1: 0.9560 (200H MA)

R2: 0.9581 (5-DMA)

R3: 0.9638 (Upper BB)

Summary: Watch out for break below 0.9530 for weakness. Dip till 55-EMA at 0.9469 likely. Further weakness will see test of 110-EMA at 0.9337. 
 

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