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FxWirePro: AUD/CAD Trade Idea
AUD/CAD chart - Trading View
AUD/CAD is extending weakness for the 2nd straight week, bias is bearish.
The pair in the red for the 6th straight session, finds strong trendline support at 0.9215.
Technical indicators support downside. Stochs and RSI are sharply lower.
Price action is well below cloud and major moving averages. Volatility is on the rise.
Break below trendline support (0.9215) will see dip till 0.91 (Oct 4th lows).
5-DMA is immediate resistance at 0.9281. Bearish invalidation only above 55-EMA.
Support levels - 0.9215 (trendline), 0.92 (Lower BB), 0.9104 (Oct 4th lows)
Resistance levels - 0.9281 (5-DMA), 0.93, 0.9322 (21-EMA)
Recommendation: Good to go short on upticks, SL: 0.9285, TP: 0.92/ 0.91
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.