- AUD/CAD tests channel base support at 0.9925, hits lowest since Feb 27th.
- Downside has held above 0.99 handle, break below will see further weakness.
- The pair has paused 7 straight sessions of downside and is trading 0.26% higher on the day.
- Price action remains below 1.00 handle, decisive break below channel base at 0.9925 to accentuate weakness.
- Technical studies are supporting downside. RSI and Stochs are biased lower and we see -ve DMI dominance.
- Next major support below 0.9925 lies at 0.9873 (200-DMA) ahead of 0.9858 (100-DMA).
- On the flipside, we see strong resistance at 0.9974 (5-DMA). Break above could see minor upside.
Support levels - 0.9925 (channel base), 0.9911 (50% Fib), 0.9858 (100-DMA)
Resistance levels - 0.9974 (5-DMA), 0.9989 (38.2% Fib), 1.0046 (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 all targets.
Recommendation: Watch out for decisive break below channel base further downside.
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