FxWirePro: AUD/CAD capped below weekly 5-SMA at 0.9760, bias lower, stay short

• AUD/CAD has edged higher from 4-week lows at 0.9394, hovers around 5-DMA at 0.9725.
   
• The pair finds minor support at 0.9693 (Sept 12 lows), bias bearish, break below will extend weakness.
   
• Upside remains capped below weekly 5-SMA at 0.9760, we see upside only on break above.
   
• Technical studies on weekly charts are bearish, we see scope for test of 0.9650 (major trendline support).
   
• On the flipside, break above weekly 5-SMA at 0.9760 could see test of weekly 200-SMA at 0.9832.

Support levels - 0.97, 0.9688 (trendline support), 0.9675 (Sept 2017 low), 0.9650 (major trendline support)

Resistance levels - 0.7960 (weekly 5-SMA), 0.9776 (20-DMA), 0.98, 0.9832 (weekly 200-SMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-struggles-at-20-DMA-at-09779-bias-bearish-stay-short-936673) has almost hit all targets.

Recommendation: Book partial profits at lows. Bias lower, watch out for break below 0.9693 for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -7.37281 (Neutral), while Hourly CAD Spot Index was at 59.0261 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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