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FxWirePro: AUD/CAD holds 200-DMA support at 0.9897, good to go short on break below

  • 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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