FxWirePro: AUD/CAD downside halts at 38.2% Fib, further weakness only on break below
Thursday, August 18, 2016 7:04 AM UTC
- AUD/CAD has edged higher on the day after taking support at 38.2% Fib at 0.9816 levels.
- Upbeat Australia's jobs data released earlier today has buoyed the Aussie.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-breaks-major-support-at-09920-scope-for-drop-till-09775-263626) has achieved TP1&2.
- Intraday bias for the pair is higher, but weaklies shows some weakness. Stochs on the weekly charts are at overbought and on the verge of a rollover.
- Break below 38.2% Fib (0.9816) will take the pair lower to test next major support at 0.9780 (50-DMA).
- Violation there could see test of next major support at 0.9722 (50% Fib).
- 20-DMA at 0.9926 is major resistance on the upside, break above needed to regain upside momentum.