FxWirePro: AUD/CAD finds stiff resistance at 0.9810, bias lower, stay short

• AUD/CAD is trading a narrow range on the day, intraday bias lower.
   
• Canada Ivey Purchasing Managers Index s.a registered at 63.8 above expectations (60.2) in October, but below previous month's 68.6.
   
• Aussie largely unchanged after RBA kept interest rate unchanged at 1.5%, and the policy statement was interpreted as neutral.
   
• The pair finds stiff resistance at 0.9810, we see upside only on decisive break above.
   
• Technical studies are bearish, we see scope for further downside.
   
• Price action fails to hold break above 100-DMA and Triangle top. Breaks below 20 and 50 DMA and dips below daily cloud.
   
• RSI and Stochs biased lower and MACD shows bearish crossover on signal line

Support levels - 0.9735 (July 12 low), 0.97 (Sept 27 low), 0.9680 (trendline)

Resistance levels - 0.9806 (50-DMA), 0.9810 (5-DMA), 0.9822 (20-DMA), 0.9833 (23.6% Fib retracement of 1.0345 to 0.9675 fall)

Previous call: http://www.econotimes.com/FxWirePro-AUD-CAD-Trade-Idea-989807

Recommendation: Bias lower, stay short.

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