Technicals

Add as a preferred source on Google

FxWirePro: AUD/CAD breaks major support at 0.9920, scope for drop till 0.9775

AUD/CAD has broken major trendline support at 0.9920, intraday bias lower. Technical indicators support downside in the pair. RSI and Stochs are biased lower, MACD shows a bearish crossover. Major support on the downside…

1 min read
FxWirePro: AUD/CAD breaks major support at 0.9920, scope for drop till 0.9775
Image from the original EconoTimes article

Read the original article

  • AUD/CAD  has broken major trendline support at 0.9920, intraday bias lower.
     
  • Technical indicators support downside in the pair. RSI and Stochs are biased lower, MACD shows a bearish crossover.
     
  • Major support on the downside is seen at 0.9848 (weekly 200 MA) and then at 0.9775 (200-DMA).
     
  • On the flipside major resistance is seen at 0.9925 (20-DMA) and then at 0.9953 (16th Aug high).
    ​

Recommendation: Good to go short on rallies around 0.9892, SL: 0.9930, TP: 0.9850/ 0.98/ 0.9775
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560