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AUD/CAD chart on Trading View used for analysis
- AUD/CAD has been rejected at 200-DMA which is stiff resistance at 0.9654.
- The pair has slipped below 5-DMA and is currently holding support at 1H 200 SMA at 0.9582.
- Technical indicators are turning bearish on the daily charts. Stochs and RSI are on verge of rollover from overbought levels.
- MACD is on verge of bearish crossover on signal line, which if completed will add to the bearish bias.
- On the flipside, we see bullish continuation on breakout at 200-DMA.
Support levels - 0.9582 (1H 200-SMA), 0.9532 (23.6% Fib), 0.9498 (110-EMA)
Resistance levels - 0.9608 (5-DMA), 0.9654 (200-DMA), 0.97
Recommendation: Stay short on break below 1H 200-SMA, SL: 0.9655, TP: 0.9535/ 0.95
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
