FxWirePro: AUD/CAD breaks below daily cloud, eyes 200-DMA support at 0.9585

AUD/CAD chart - Trading View 

Technical Analysis: Bias Bearish

- AUD/CAD is extending downside for the 4th straight session, outlook bearish

- Price action has slipped below daily cloud, adding to the downside bias

- GMMA indicator shows short term MAs have turned bearish and longer term MAs are constricted

- Recovery attempts have been capped at 200H MA

- Stochs and RSI are sharply lower and show strong bearish momentum

Support levels - 0.9585 (200-DMA), 0.9506 (55W EMA), 0.9428 (110W EMA)

Resistance levels - 0.9673 (5-DMA), 0.9689 (21W EMA), 0.9708 (200H MA)

Summary: AUD/CAD bearish bias rises with breach below cloud. Fears of employment backlash as the Australian government’s job relief package expires in March is likely to keep pressure on the Aussie. Further, fresh Sino-American tussles, US sanctions over Russia and Japan’s trade-punitive measures on the US beef are some extra hurdles to market sentiment which add to the bearish bias. AUD/CAD in on track to test 200-DMA support at 0.9585. Violation there will open downside for the pair.