FxWirePro: AUD/CAD rangebound, finds strong support at 0.9853 (20-DMA)

• AUD/CAD bounces off 20-DMA on Friday's trade, intraday bias neutral.
   
• The pair is trading a narrow range in the Asian session today, with day's high at 0.9929 and low at 0.9910.
   
• Series of major support levels align as follows on the downside: 
  
  20-DMA - 0.9853
  Double bottom - 0.9851
  50-DMA - 0.9845
  Cloud base - 0.9836
  200-DMA - 0.9827 
   
• Intraday bias is neutral, Stochs are biased lower and MACD is on verge of a bearish crossover on signal line.
   
• The pair remains pivotal around 0.9826 levels (200-DMA), break below will accentuate weakness. We then see scope for test of 0.9650 levels.
   
• On the flipside, close above 5-DMA at 0.9912 could see test of 1.00 (50% Fib retrace of 1.03975 to 0.96450 fall).
   

TIME  TREND INDEX  OB/OS INDEX    
 

1H          Bearish              Neutral       
    
4H          Neutral              Neutral       

1D          Neutral              Neutral        

1W         Neutral              Neutral  

Recommendation: We prefer to wait for clear indication to initiate trade.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -69.2734(Bearish), while Hourly CAD Spot Index was at -55.3494 (Bearish) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.