FxWirePro: AUD/CAD slips below 1H 20-SMA, good to go short on rallies

• AUD/CAD edges lower from 0.9671, intraday bias lower.
• The pair has slipped below 20-SMA on the hourly charts and technicals support downside.
   
• Stochs and RSI on hourly charts are biased lower, MACD has slipped below zero which shows further downside.
   
• Standard & Poor’s in its latest note published on Monday has warned of that they may downgrade the Australian rating if election, budget gridlock continues.
   
• Rating agency Fitch also noted that political gridlock that leads to a sustained widening of Australia's deficit would put downward pressure on the rating. 
   
• Fitch however, said that Australia's profile is still consistent with AAA rating and it will assess new government's ability to manage public finances prudently, as well as flexibility in responding to a volatile global economic environment.
   
• AUD/CAD Immediate support and resistance for the pair are seen at 0.9637 (10-DMA) and 0.9660 (H 20-SMA).
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Recommendation: Good to sell rallies around 0.9660, SL: 0.97, TP: 0.9635/ 0.96/ 0.9580.