FxWirePro: AUD/CAD rejected at 55-EMA, good to stay short on upticks

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.