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FxWirePro: AUD/CAD rejected at 55-EMA, tests 61.8% Fib, bias lower

AUD/CAD chart on Trading View used for analysis 

  • AUD/CAD trades 0.65% lower on the day at 0.9375 at 1210 GMT, bias bearish.
     
  • The pair has been rejected at 55-EMA and has tested 61.8% Fib at 0.9360.
     
  • Aussie brushes aside upbeat Australia employment data, is extending weakness after Westpac's RBA rate cut call.
     
  • On the other side, WTI hits new 4-month highs above $57 mark, adds support to the commodity-sensitive loonie.
     
  • Technical indicators have turned bearish and break below 61.8% Fib to see dip till 78.6% Fib at 0.9248.
     
  • Retrace above 55-EMA could see test of 200-DMA. Bearish invalidation only above 200-DMA.

Support levels - 0.9360 (61.8% Fib), 0.9281 (Jan 3 low), 0.9248 (78.6% Fib)

Resistance levels - 0.9433 (5-DMA), 0.9451 (21-EMA), 0.9519 (38.2% Fib)

Recommendation: Good to stay short on upticks, SL: 0.9490, TP: 0.93/ 0.9250

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

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