AUD/CAD chart - Trading View
- AUD/CAD has broken strong trendline support at 0.9340, bias lower.
- Near-term trend in the pair has shown a shift as indicated by GMMA indicator.
- Recovery attempts capped at cloud which offers stiff resistance. Price action is below major moving averages.
- Technical indicators support further weakness. Volatility is rising and RSI and Stochs are sharply lower.
- Next immediate support lies at 78.6% Fib at 0.9248. Break below will see dip till 0.9175 (Oct 24 low).
- 5-DMA is immediate resistance at 0.9336, retrace above trendline support turned resistance at 0.9340 could see minor upside.
Support levels - 0.9248 (78.6% Fib), 0.92, 0.9175 (Oct 24 low)
Resistance levels - 0.9336 (5-DMA), 0.9360 (61.8% Fib), 0.94
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.