- AUD/CAD has bounced-off 100-DMA support at 1.0036, break below required for downside.
- The pair is extending slump from yearly highs at 1.03458, eyes 200-DMA at 1.0013.
- Weakness seen on weekly charts, violation at 200-DMA could see drag upto 0.9925 (April 12 low).
- Technical indicators are still biased lower, we see scope for test of 200-DMA.
- Bearish invalidation only on close above 5-DMA at 1.0117.
Support levels - 1.0077 (38.2% Fib of 0.9644 to 1.0345 rise), 1.0040 (100-DMA), 1.00 (50% Fib)
Resistance levels - 1.0117 (5-DMA), 1.0161 (20-DMA), 1.0180 (23.6% Fib)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-closes-below-20-DMA-drag-till-200-DMA-at-10012-likely-685430) has hit TP1 & 2.
Recommendation: Hold for further downside. Bearish invalidation only on close above 5-DMA at 1.0117.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -21.9947 (Neutral), while Hourly CAD Spot Index was at 18.723 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
