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FxWirePro: AUD/CAD extends range trade, capped below strong trendline resistance at 1.0002

Tuesday, April 5, 2016 6:19 AM UTC

AUD/CAD was rejected by strong trendline resistance at 1.0008. The pair is currently trading around 0.9957 levels after hitting session highs at 0.9976.
Momentum studies on daily charts are neutral, the pair is extending range trade between 1.0053 and 0.9864.
Immediate support is seen at 0.9919 (Mar 9th lows), 0.99 and then 0.9983 (daily cloud top).
On the flipside, immediate resistance is seen at 0.9954 (converged 5 & 10 DMA) ahead of strong trendline support at 1.0008.
Aussie continues to be heavily battered on awful Australian trade data, while weak oil likely to keep pressure on the Loonie.
All targets on our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-rejected-at-10008-strong-trendline-resistance-good-to-sell-rallies-188570) almost hit. The pair has hit lows of 0.9917
Techs inconclusive, we prefer to remian on the sidelines for now.

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FxWirePro: AUD/CAD extends range trade, capped below strong trendline resistance at 1.0002

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