FxWirePro: AUD/CAD breaks below 38.2% Fib, bias lower

• AUD/CAD is extending weakness after break below 38.2% Fibo level.
   
• Downside now finds next major support at 0.9730 (July 21 low) ahead of 0.9722 (50% Fib) and then 0.97 (trendline).
   
• Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-breaks-major-support-at-09920-scope-for-drop-till-09775-263626) has achieved all targets.
   
• The pair is now trading below 50-day MA at 0.9785 which is immediate resistance ahead of 0.9816 (38.2% Fib).
   
• Momentum studies are bearish, RSI and Stochs are biased lower, we see scope for test of 0.9730.
   
• Bearish invalidation only above 20-day MA at 0.9922. Violation there will take the pair to 1.0120 and then 1.0170.
   

​​Recommendation: Book partial profits, lower trailing stop to 0.9816, target 0.9730