FxWirePro: AUD/CAD recovery lacks traction, eyes 23.6% Fib at 0.9532, stay short

AUD/CAD chart on Trading View used for analysis

• AUD/CAD trades in narrow range, intraday bias remains bearish.
   
• Recovery attempts in the pair lack traction, scope for further weakness.
   
• Upside has been rejected at 200-DMA and the pair has slipped below 5-DMA.
   
• Technical indicators are turning bearish with Stochs and RSI on verge of rollover from overbought.
   
• MACD is on verge of bearish crossover on signal line, which if completed will add to the bearish bias.
   
• Price action has broken below 1H 200 SMA and the pair is on track to test 23.6% Fib at 0.9532. 
   
• On the flipside, we see bullish continuation on breakout at 200-DMA.

Support levels - 0.9532 (23.6% Fib), 0.9499 (110-EMA)

Resistance levels - 0.9589 (5-DMA), 0.9652 (200-DMA), 0.97

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-rejected-at-200-DMA-stay-short-below-09580-1462398) is progressing well.

Recommendation: Stay short for targets.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.