• FxWirePro: AUD/CAD near-term outlook

    Source: FxWire Pro - Technicals / 13 May 2019 02:47:39   America/New_York

    AUD/CAD chart - Trading View 

    • AUD/CAD rejected at session highs at 0.9399, bias bearish.
       
    • Near-term trend in the pair has turned bearish as indicated by GMMA indicator.
       
    • Recovery attempts capped at cloud which offers stiff resistance at 0.9448.
       
    • Price action is below cloud and major moving averages and technical indicators are supporting weakness.
       
    • Volatility is rising as evidenced by expanding Bollinger Bands and RSI and Stochs are sharply lower.
       
    • Break below strong trendline support at 0.94, raises scope for further weakness.
       
    • Next immediate support lies at 61.8% Fib at 0.9360. Break below will see dip till 0.9318 (trendline).
       
    • 5-DMA is immediate resistance at 0.9409, break above cloud and 200-DMA negates bearish bias.

    Support levels - 0.9360 (61.8% Fib), 0.9316 (Mar 1 low), 0.9248 (78.6% Fib)

    Resistance levels - 0.9409 (5-DMA), 0.9471 (nearly converged cloud and 200-DMA), 0.95

    For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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