- Aussie under pressure, despite risk-on rally in the Asian equities, as the entire base metals complex remains subdued.
- AUD/CAD's feeble recovery attempt capped around 20-DMA at 1.0194.
- The pair is trading largely unchanged on the day at the time of writing.
- Bearish bias intact after break below major trendline support at 1.0225.
- The pair is currently holding 23.6% Fib support at 1.0176, weakness likely on break below.
- Technical studies point to further downside, next major support seen at 1.0070 (50-DMA).
- We see a bearish invalidation only on close above 5-DMA at 1.0237.
Support levels - 1.0170 (23.6% Fib), 1.0103 (March 3 low), 1.0070 (38.2% Fib)
Resistance levels - 1.0194 (20-DMA), 1.0236 (5-DMA and trendline), 1.03, 1.0333 (Mar 20 high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-breaks-major-trendline-support-at-10225-good-to-short-rallies-605391) has hit TP1.
Recommendation: Book partial profits, stay short.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -118.754(Highly Bearish), while Hourly CAD Spot Index was at 33.9033 (Neutral) at 0650 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
