FxWirePro: AUD/CAD rejected at 200-DMA, stay short below 0.9580

AUD/CAD chart on Trading View used for analysis

• AUD/CAD has been rejected at 200-DMA which is stiff resistance at 0.9654.
   
• The pair has slipped below 5-DMA and is currently holding support at 1H 200 SMA at 0.9582.
   
• Technical indicators are turning bearish on the daily charts. Stochs and RSI are on verge of rollover from overbought levels.
   
• MACD is on verge of bearish crossover on signal line, which if completed will add to the bearish bias.
   
• On the flipside, we see bullish continuation on breakout at 200-DMA.

Support levels - 0.9582 (1H 200-SMA), 0.9532 (23.6% Fib), 0.9498 (110-EMA)

Resistance levels - 0.9608 (5-DMA), 0.9654 (200-DMA), 0.97

Recommendation: Stay short on break below 1H 200-SMA, SL: 0.9655, TP: 0.9535/ 0.95

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