- AUD/CAD is trading a 'Symmetric Triangle' pattern and is extending decline after rejection at triangle top.
- Price action is inside daily cloud and 200-DMA at 1.0017 caps upside in the pair.
- Technical studies are biased lower, we see scope for drag upto 61.8% Fib at 0.9912.
- Break above 200-DMA likely to see test of triangle top at 1.0055. we see bearish invalidation only above 1.0055.
Support levels - 0.9988 (20-DMA), 0.9912 (61.8% Fib of 0.9644 to 1.0346 rally), 0.9860 (July 26 low)
Resistance levels - 1.0017 (200-DMA), 1.0055 (trendline), 1.0077 (38.2% Fib)
Recommendation: Good to go short on rallies around 1.0010/15, SL: 1.0055, TP: 0.9950/ 0.9915/ 0.9860
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -11.8808 (Neutral), while Hourly CAD Spot Index was at 33.4869 (Neutral) at 1110 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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