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FxWirePro: AUD/CAD extending sideways trade below strong trendline resistance at 1.0012

AUD/CAD is extending sideways trade below strong trendline resistance at 1.0012 levels. We have evidenced multiple rejections at strong trendline resistance and any bullishness can be seen only on breaks above. Momentum …

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FxWirePro: AUD/CAD extending sideways trade below strong trendline resistance at 1.0012
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  • AUD/CAD is extending sideways trade below strong trendline resistance at 1.0012 levels.
     
  • We have evidenced multiple rejections at strong trendline resistance and any bullishness can be seen only on breaks above.
     
  • Momentum studies have turned slightly bearish, breaks below daily cloud could see downside upto 0.9864 (Mar 18th lows).
     
  • MACD indicator shows momentum fading, the MACD line is on the verge of a bearish crossover on signal line. 
     
  • The pair has immediate support at 0.9935 (10-DMA) and breaks below will find next support at 0.9940 (cloud top).
     
  • On the upside we see strong resistance at 1.0012 (trendline) ahead of 1.0054 (Mar 9th highs).
     

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