AUD/CAD chart on Trading View used for analysis
- AUD/CAD is trading at 0.9390 at 1400 GMT, down 0.71% at the time of writing, bias bearish.
- The pair has been rejected at 55-EMA and we see upside only on break above.
- Price action has slipped below 5-DMA and technical indicators on the daily charts have turned slightly bearish.
- Next major support lies at 0.9360 (61.8% Fib) and further weakness will see weakness till 0.9325 (trendline).
- On the flipside, immediate resistance is seen at 0.9440 (50% Fib). Bearish invalidation likely above 55-EMA at 0.9479.
Support levels - 0.9360 (61.8% Fib), 0.9325 (trendline), 0.93
Resistance levels - 0.9408 (5-DMA), 0.9440 (50% Fib), 0.9479 (55-EMA)
Recommendation: Good to stay short on upticks, SL: 0.9440, TP: 0.9360/ 0.9325/ 0.93
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
