FxWirePro: AUD/CAD breaks major trendline support at 1.0225, good to short rallies

• AUD/CAD is extending declines for 3rd consecutive session, has broken major trendline support at 1.0225, intraday bias lower.
   
• The pair is currently holding above 20-DMA at 1.0189, weakness likely on break below.
   
• Technical studies point to further downside, break below 20-DMA finds next major support at 1.0070 (50-DMA).
   
• RSI has turned lower from near overbought levels and Stochs are biased lower.
   
• We see a bearish invalidation only on close above 5-DMA at 1.0262.

Support levels - 1.0189 (20-DMA), 1.0170 (23.6% Fib), 1.0103 (March 3 low), 1.0070 (38.2% Fib)

Resistance levels - 1.0225 (trendline), 1.0262 (5-DMA), 1.03, 1.0333 (Mar 20 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral                Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Neutral                Neutral      

Recommendation: Good to go short on rallies around 1.0210/20, SL: 1.0260, TP: 1.0170/ 1.0100/ 1.0070

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -71.9062 (Bearish), while Hourly CAD Spot Index was at 87.3413 (Bullish) at 0650 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.