AUD/CAD chart - Trading View
- AUD/CAD rejected at session highs at 0.9399, bias bearish.
- Near-term trend in the pair has turned bearish as indicated by GMMA indicator.
- Recovery attempts capped at cloud which offers stiff resistance at 0.9448.
- Price action is below cloud and major moving averages and technical indicators are supporting wekaness.
- Volatility is rising as evidenced by expanding Bollinger Bands and RSI and Stochs are sharply lower.
- Break below strong trendline support at 0.94, raises scope for further weakness.
- Next immediate support lies at 61.8% Fib at 0.9360. Break below will see dip till 0.9318 (trendline).
- 5-DMA is immediate resistance at 0.9409, break above cloud and 200-DMA negates bearish bias.
Support levels - 0.9360 (61.8% Fib), 0.9316 (Mar 1 low), 0.9248 (78.6% Fib)
Resistance levels - 0.9409 (5-DMA), 0.9471 (nearly converged cloud and 200-DMA), 0.95
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
