- AUD/CAD fails to hold break above major trendline resistance at 1.0015, bias neutral.
- The pair is currently trading at 0.9962 after hitting highs of 1.0048 on the day.
- Aussie was earlier in the Asian session boosted by upbeat China July Caixin manufacturing PMI, which came in at 51.1 vs. 50.4 expected.
- Oil futures on NYMEX kicked-off August on the firm footing, consolidate previous week’s rally ahead of the API crude stockpiles data.
- Investors also look forward to the employment reports from Canada due Friday.
- Break above 1.0015 could propel pair to new heights. On the flipside, break below 20-DMA at 0.9910 could see reversal.
Support levels - 0.9952 (nearly converged 1&4H 200-SMA), 0.9910 (20-DMA), 0.9901 (weekly 5-SMA)
Resistance levels - 1.0015 (trendline), 1.0029 (200-DMA), 1.0048 (weekly 20-SMA)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Neutral Neutral
1D Neutral Neutral
1W Neutral Neutral
Recommendation: Watch out for decisive break above 1.0015 to go long, target 1.0112
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 0.746407 (Bearish), while Hourly CAD Spot Index was at 88.8715 (Slightly bullish) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
