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FxWirePro's Currency Strength Index bias for AUD/CAD: Bearish
FxWirePro's Hourly AUD Spot Index was at -75.8727 - (Bearish)
FxWirePro's Hourly CAD Spot Index was at 119.359 - (Bullish)
Technical Analysis: Bias bearish
- 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
- MACD shows bearish crossover on signal line
Data in Focus:
- Reserve Bank of Australia (RBA) due 7th, but unlikely to offer anything new.
- Canada Ivey PMI data due later in the day.
Support levels - 0.9735 (July 12 low), 0.97 (Sept 27 low), 0.9680 (trendline)
Resistance levels - 0.9809 (50-DMA), 0.9820 (20-DMA), 0.9829 (5-DMA), 0.9833 (23.6% Fib retracement of 1.0345 to 0.9675 fall)
Recommendation: Good to go short on rallies around 0.9770/80, SL: 0.9830, TP: 0.9735/ 0.97/ 0.9680.
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