FxWirePro: AUD/CAD daily outlook
Source: FxWire Pro - Technicals / 17 Jul 2019 02:33:07 America/New_York
AUD/CAD chart - Trading View
AUD/CAD struggles to hold break above 21-EMA, extends weakness for the 2nd straight session.
Concerns over spillover effects of alleged Camsing fraud and falling iron-ore prices dent Aussie.
The AUD could be under pressure if the effects of the alleged fraud spreads, leading to sharp losses in China’s equity markets.
Iron ore futures on Dalian Commodity Exchange dipped 15 Yuan to open at 895 Yuan per tonne, also weighing on the commodity currency.
Major trend in the pair is bearish as indicated by downward sloping GMMA indicators.
Price action below cloud and major moving averages, rejection at 21-EMA to see downside resumption.
5-DMA is immediate support. Break below will see dip till trendline support at 0.7095.
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