- AUD/CAD down 0.09% on the day, struggles to hold upside, edges lower from session highs at 0.9755.
- Aussie under pressure from weak China Caixin/Markit September services PMI which printed at a 21-month low of 50.6.
- The pair is seen struggling to extend above 20-DMA is stiff resistance at 0.9779.
- Technical studies are biased lower, RSI and Stochs point south and RSI shows weakness below 50.
- The pair is trading a falling Triangle pattern and finds strong support by triangle base at 0.9685.
- Break below 0.9685 will see extension of weakness, drag till 0.9578 then likely.
- On the flipside, bearish invalidation seen only on decisive break above 0.9780 (20-DMA).
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-struggles-at-20-DMA-at-09779-bias-bearish-stay-short-936673) has hit TP1.
Recommendation: Bias lower, stay short for targets.
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