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FxWirePro: AUD/CAD rejected at 200-DMA, bearish divergence on Stochs keeps scope for further downside

AUD/CAD chart on Trading View used for analysis

  • AUD/CAD is extending downside for the sencond straight session, bias lower.
     
  • The pair has been rejected at 200-DMA and we see any upside only on decisivebreak above.
     
  • Risk-off action on the Asian equities and a non-eventful RBA minutes keep the Aussie on the back-foot.
     
  • Technical indicators are turning bearish. Stochs and RSI are on verge of roll over from overbought levels.
     
  • We see bearish divergence on Stochastics on daily charts which raises scope for downside.
     
  • Dip till 110-EMA at 0.9494 likely. Further weakness only on break below.

Support levels - 0.9540 (38.2% Fib), 0.9494 (110-EMA), 0.9406 (cloud top)

Resistance levels - 0.9598 (5-DMA), 0.9657 (200-DMA), 0.9674 (50% Fib)

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

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