- AUD/CAD trades a narrow range, 5-DMA caps upside, intraday bias lower.
- Bearish divergence on RSI builds scope for downside in the pair. Break below 20-DMA will confirm downside.
- Technical studies are bearish, Stochs are biased lower and MACD line is showing a bearish crossover on signal line.
- Downside likely to test 100-DMA at 0.9983. Bearish invalidation only above trendline resistance at 1.0185.
- Violation at 100-DMA finds next major support at daily cloud by 0.9925.
Support levels - 1.0110 (20-DMA), 1.010 (23.6% Fib retrace of 0.96439 to 1.02537 rally), 1.00 (38.2% Fib and Feb 24 low), 0.9984 (100-DMA)
Resistance levels - 1.0158 (5-DMA), 1.0185 (trendline), 1.0215 (Mar 7 high)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Neutral Neutral
1D Neutral Neutral
1W Bullish Neutral
Recommendation: Good to go short on break below 20-DMA at 1.0110, SL: 1.0158, TP: 1.00/ 0.9985
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -68.7918(Bearish), while Hourly CAD Spot Index was at 23.6841 (Neutral) at 0820 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
