- AUD/CAD holds 200-DMA support at 0.9897, intraday bias bearish.
- The pair is down 0.17% on the day, we see weakness to extend on break below 200-DMA.
- Technical studies are bearish. RSI is biased lower. Stochs have rolled over from overbought levels.
- MACD is showing a bearish crossover on signal line which adds to the bearish bias.
- The pair is trading in a rising channel and we see scope for test of channel base at 0.9840.
- Violation there could see next major support at 100-DMA and then 61.8% Fib at 0.9743.
Recommendation: Go short on break below 200-DMA, SL: 0.9955, TP: 0.9845/ 0.98/ 0.9745
| Support levels: | Resistance levels: |
| S1: 0.9840 (channel base) | R1: 0.9951 (5-DMA) |
| S2: 0.9794 (50% Fibo) | R2: 1.00 (psychological level) |
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -60.1859 (Neutral), while Hourly CAD Spot Index was at 108.384 (Bullish) at 0245 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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