- AUD/CAD is trading in a narrow range around major support zone between 0.9981-87 (nearly converged 100 & 200 DMAs).
- Break below finds next major support by cloud base at 0.9949. Break below finds little support till 0.9855 levels.
- Technical studies are bearish, we see no signs of reversal in trend.
- Decisive break below support zone 0.9981-87 and cloud will see drag upto 0.9855.
- Technical indicators on weekly charts are also heavily bearishly aligned.
- We see scope for test of major trendline support currently at 0.9780 on further bearishness at 0.9855 levels.
Support levels - 0.9987 (100-DMA), 0.9981 (200-DMA), 0.9907 (61.8% Fib retrace of 0.9644 to 1.0333 rally)
Resistance levels - 1.0030 (5-DMA), 1.0070 (38.2% Fib), 1.0126 (50-DMA)
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Neutral Neutral
1D Bearish Neutral
1W Bearish Neutral
Recommendation: Good to go short on decisive break below 0.9980, SL: 1.0070, TP: 0.99/ 0.9850/ 0.98
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -84.6958 (Bearish), while Hourly CAD Spot Index was at 20.2712 (Neutral) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
