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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.
