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FxWirePro: AUD/CAD struggles to close below 20-DMA, good to short break below

  • AUD/CAD fails to hold gains above major resistance at 1.0350, edges lower from highs at 1.0398.
     
  • The pair extends downside to slip below 20-DMA at 1.0205, weakness likely on close below.
     
  • Major support levels - 1.0205 (20-DMA), 1.0181 (session low), 1.0125 (Oct 28 low)
     
  • Major resistance levels - 1.0247 (5-DMA), 1.0264 (10-DMA), 1.0270 (Nov 11 high)
     
  • We expect consolidation at current levels. Bearish invalidation above 1.0350 levels. 

Recommendation: Good to short break below 20-DMA at 1.0205, SL: 1.0250, TP: 1.0135/ 1.0125
 

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