- 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.
