- AUD/CAD has dipped below daily cloud support at 1.0092, bias lower.
- 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).
- Death cross (bearish 50-SMA crossover on 200-SMA) on hourly charts adds to bearish bias.
- Immediate support on the downside is seen at 100-DMA at 1.0036, while immediate resistance lies at 1.0092 (cloud base).
- We see bearish invalidation only on close above 1H 200-SMA at 1.20
Support levels - 1.0036 (100-DMA), 1.0013 (200-DMA), 0.9925 (April 12 low)
Resistance levels - 1.0134 (5-DMA), 1.0154 (20-DMA), 1.0194 (cloud top)
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.
Recommendation: Hold for further downside. Good to enter fresh short around 1.0080/90, SL: 1.0140, TP: 1.0050/ 1.0015/ 1.00
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -130.5 (Bearish), while Hourly CAD Spot Index was at 91.2279 (Bullish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
