FxWirePro: AUD/CAD recovery capped at 5-DMA, break above to see minor upside

AUD/CAD chart - Trading View 

• AUD/CAD is trading 0.21% higher on the day at 0.9437 at 1200 GMT, bias still bearish.
   
• The pair has paused 3 days of losses and has edged higher from 2-week lows at 0.9386.
   
• Near-term trend remains bearish. 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 5-DMA on the day.
   
• Scope for test of 61.8% Fib at 0.9360 on continued bearish momentum.
   
• Retrace above 5-DMA could see minor upside. Bearish invalidation only above 110-EMA.

Support levels - 0.94, 0.9378 (Feb 7 low), 0.9360 (61.8% Fib), 0.9335 (trendline)

Resistance levels - 0.9442 (5-DMA), 0.9490 (110-EMA), 0.95

Recommendation: Good to go short on upticks around 0.9440, SL: 0.9490, TP: 0.94/ 0.9375/ 0.9340 

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