FxWirePro: AUD/CAD on track to test 61.8% Fib at 0.9360, stay short on upticks

AUD/CAD chart - Trading View 

• AUD/CAD is trading 0.32% lower on the day at 0.9404 at 0720 GMT, intraday bias is bearish.
   
• The pair is extending downside for the 3rd straight session, scope for further weakness.
   
• Price action has been rejected at 110-EMA and capped below daily cloud which is stiff resistance.
   
• Minor recovery attemts in the pair have been capped below 21-EMA on the day.
   
• Technical indicators have turned bearish. Stochs and RSI are biased lower.
   
• Scope for test of 61.8% Fib at 0.9360 on continued bearish momentum.
   
• Retrace above 21-EMA could see minor upside. Bearish invalidation only above 110-EMA.

Support levels - 0.9378 (Feb 7 low), 0.9360 (61.8% Fib), 0.9335 (trendline)

Resistance levels - 0.9436 (21-EMA), 0.9491 (110-EMA), 0.95

Recommendation: Good to go short on upticks, SL: 0.9440, TP: 0.9375/ 0.9360/ 0.9340

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.