- AUD/CAD edges higher after holding support by 100-DMA at 0.9986.
- Technical studies are bearish, we see no signs of reversal in trend.
- Break below 100-DMA finds next immediate support at 200-DMA at 0.9979.
- Technical indicators on weekly charts are also heavily bearishly aligned.
- We see scope for test of major trendline support currently at 0.9780 on a decisive break below 100-DMA.
Support levels - 0.9986 (100-DMA), 0.9979 (200-DMA), 0.9907 (61.8% Fib retrace of 0.9644 to 1.0333 rally)
Resistance levels - 1.0068 (5-DMA), 1.0070 (38.2% Fib), 1.0124 (50-DMA)
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Neutral Neutral
1D Bearish Neutral
1W Bearish Neutral
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-dips-into-daily-cloud-on-track-to-test-100-DMA-at-09986-633303) has hit all targets.
Recommendation: Good to go short on break below 100-DMA at 0.9986, SL: 1.0070, TP: 0.99/ 0.9850/ 0.98
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -4.13914 (Neutral), while Hourly CAD Spot Index was at 108.721 (Bullish) at 0840 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
