AUD/CAD chart on Trading View used for analysis
- AUD/CAD is currently trading at 0.94292, up 0.24% at 0720 GMT.
- The pair's recovery capped at 5-DMA which is sharply lower. Breakout above cloud will see further upside.
- Challenges at the US-China trade talks and speculations of weaker growth likely to keep the antipodeans subdued.
- China's Economic Information Daily expects further deterioration into the economic growth to 6.3% during 2019 after declining to 28 year low of 6.6% last year.
- The pair trades with a bearish bias on the weekly charts. Price action below major moving averages.
- Scope for test of 61.8% Fib at 0.9360. Bearish invalidation only above 200-DMA.
Support levels - 0.9360 (61.8% Fib), 0.9281 (Jan 3 low)
Resistance levels - 0.9435 (5-DMA), 0.9475 (cloud base), 0.9562 (200-DMA)
Recommendation: Stay short on rallies, SL: 0.95, TP: 0.9360/ 0.93
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
