- AUD/CAD pauses downside, edges higher from 3-month lows at 0.9769.
- The pair has reclaimed the 0.98 handle and is currently trading at 0.9804, up 0.36% on the day.
- Momentum studies are still bearish. RSI well below 50 and Stochs in deep bearish territory.
- That said, we evidence a doji formation at lows on weekly charts which suggests some consolidation.
- We see bearish invalidation only on retrace above 200W-SMA at 0.9815.
- On the flipside, resumption of weakness could see test of 78.6% Fib at 0.9721.
Support levels - 0.9769 (session lows), 0.9721 (78.6% Fib), 0.9710 (Jan 5 low)
Resistance levels - 0.9804 (5-DMA), 0.9832 (61.8% Fib), 0.9864 (200-DMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 97.9881 (Bullish), while Hourly CAD Spot Index was at 20.8552 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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