FxWirePro: AUD/CAD Near-Term Outlook

AUD/CAD chart - Trading View 

• AUD/CAD rejected at session highs at 0.9399, bias bearish.
   
• Near-term trend in the pair has turned bearish as indicated by GMMA indicator.
   
• Recovery attempts capped at cloud which offers stiff resistance at 0.9448.
   
• Price action is below cloud and major moving averages and technical indicators are supporting wekaness.
   
• Volatility is rising as evidenced by expanding Bollinger Bands and RSI and Stochs are sharply lower.
   
• Break below strong trendline support at 0.94, raises scope for further weakness.
   
• Next immediate support lies at 61.8% Fib at 0.9360. Break below will see dip till 0.9318 (trendline).
   
• 5-DMA is immediate resistance at 0.9409, break above cloud and 200-DMA negates bearish bias.

Support levels - 0.9360 (61.8% Fib), 0.9316 (Mar 1 low), 0.9248 (78.6% Fib)

Resistance levels - 0.9409 (5-DMA), 0.9471 (nearly converged cloud and 200-DMA), 0.95

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