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- AUD/CAD price action below major moving averages, remains capped below 5-DMA.
- The pair is extending range trade below 61.8% Fib.
- On the hourly charts, upside failed to hold break above 100-SMA suggesting selling pressure at highs.
- We see scope for test of 78.6% Fib at 0.9551, bearish invalidation only above 200-DMA at 0.9837.
- Support levels - 0.97, 0.9682 (Dec 20 low), 0.96, 0.9578 (June 30 low), 0.9551 (78.6% Fib of 0.9322 to 1.0392 rally)
- Resistance levels - 0.9731 (61.8% Fib), 0.9715 (5-DMA), 0.9765 (trendline), 0.98, 0.9836 (200-DMA)
- We had advised a short in our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-on-track-to-test-786-Fib-at-09551-good-to-short-rallies-461092).
Recommend holding for targets.
FxWirePro's Hourly AUD Spot Index was at -135.992 (Highly Bearish), while Hourly CAD Spot Index was at -26.3957 (Neutral) at 0556 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
