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Add as a preferred source on Google FxWirePro: AUD/CAD rejected at 20-DMA with 'Inverted Hammer' formation, intraday bias bearish AUD/CAD chart on Trading View used for analysis AUD/CAD rejected at 20-DMA with 'Inverted Hammer' formation on Monday's trade. The pair slips below 5-DMA, trades 0.21% lower on the day at 0.9242 at the time of trading. A…
By FxWirePro Team Oct 16, 2018, 11:15 AM UTC
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AUD/CAD chart on Trading View used for analysis
AUD/CAD rejected at 20-DMA with 'Inverted Hammer' formation on Monday's trade.
The pair slips below 5-DMA, trades 0.21% lower on the day at 0.9242 at the time of trading.
Aussie steady following China CPI/PPI steady showing, but ongoing US-China trade spat to keep pressure on.
The pair finds stiff resistance at 20-DMA and a decisive break above is required for further upside.
Focus now on the latest Australia Unemployment numbers for September for further impetus.
Major trend in the pair is bearish and break below 5-DMA with 'Inverted Hammer' at highs raises scope for further weakness.
Support levels - 0.9198 (Oct 11 low), 0.9104 (Oct 4 low)
Resistance levels - 0.9282 (20-DMA), 0.93 (23.6% Fib), 0.94 (50-DMA and trendline)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex .
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