Technicals

Add as a preferred source on Google

FxWirePro: 0.9960 strong resistance for AUD/CAD, further bullishness only on breaks above

AUD/CAD has been trading a falling channel and price action has been contained within the cloud. Strong resistance for the pair lies at 0.9960 (channel top), further bullishness can be seen only on breaks above. Immediat…

1 min read
FxWirePro: 0.9960 strong resistance for AUD/CAD, further bullishness only on breaks above
Image from the original EconoTimes article

Read the original article

AUD/CAD has been trading a falling channel and price action has been contained within the cloud.

  • Strong resistance for the pair lies at 0.9960 (channel top), further bullishness can be seen only on breaks above.
     
  • Immediate support on the downside is seen at 0.9873 (10-DMA) and then 0.9865 (5-DMA).
     
  • Downside in the pair is being supported above 5-DMA, breaks below could take the pair to 0.9710 and the  0.9660 levels.
     

Recommendation: Good to short on breaks below 0.9860, SL: 0.9930, TP: 0.9710/0.9660

 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560