- AUD/CAD pauses downside just shy of channel base support at 0.9925.
- The pair has edged higher from session lows at 0.9940 and is trading 0.17% higher on the day.
- Price action remains below 1.00 handle, break below channel base at 0.9925 to accentuate weakness.
- Technical studies are supporting downside. RSI and Stochs have rolled over from overbought levels and we see -ve DMI crossover.
- We see bearish 5-DMA crossover on 20-DMA. Next major support below 0.9925 lies at 0.9858 (100-DMA).
- On the flipside, we see strong resistance at 1.0015 (5-DMA). Break above could see minor upside.
Support levels - 0.9925 (channel base), 0.9911 (50% Fib), 0.9858 (100-DMA)
Resistance levels - 0.9989 (38.2% Fib), 1.0015 (5-DMA), 1.0049 (20-DMA), 1.0086 (23.6% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CAD-breaks-below-20-DMA-at-10047-good-to-go-short-on-rallies-1213636) has hit TP1.
Recommendation: Bias lower, hold for further downside.
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