FxWirePro: AUD/CAD breaks strong trendline support at 0.9340, bias lower

AUD/CAD chart - Trading View 

• AUD/CAD has broken strong trendline support at 0.9340, bias lower. 
   
• Near-term trend in the pair has shown a shift as indicated by GMMA indicator.
   
• Recovery attempts capped at cloud which offers stiff resistance. Price action is below major moving averages.
   
• Technical indicators support further weakness. Volatility is rising and RSI and Stochs are sharply lower.
   
• Next immediate support lies at 78.6% Fib at 0.9248. Break below will see dip till 0.9175 (Oct 24 low).
   
• 5-DMA is immediate resistance at 0.9336, retrace above trendline support turned resistance at 0.9340 could see minor upside.

Support levels - 0.9248 (78.6% Fib), 0.92, 0.9175 (Oct 24 low)

Resistance levels - 0.9336 (5-DMA), 0.9360 (61.8% Fib), 0.94

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.