- AUD/CAD shows 'shooting star' formation on daily charts.
- We see scope for correction upto 20-DMA at 1.0078.
- Violation there could see test of major trendline support at 1.0030.
- Stochs have rolled over from overbought territory adding to bearish bias.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-hits-new-2-year-highs-of-10177-bias-higher-361873) has achieved TP1&2.
- Major support levels - 1.0127 (10-DMA), 1.0078 (20-DMA), 1.0030 (rising trendline)
- Major resistance levels - 1.0173 (5-DMA), 1.02, 1.0214 (Oct 25 high)
Recommendation: Good to short rallies around 1.0170, SL: 0.1220, TP: 1.0130/ 1.0100/ 1.0075/ 1.0030
