FXWIREPRO: AUD/CAD Supported Above Daily Cloud, Weakness Only on Breaks Below
- The Canadian dollar seems to be resuming its upside momentum, supported by a better tone in crude oil price.
- AUD/CAD rangebound but remains supported above daily cloud (currently spanning 0.9860-0.9940).
- Momentum studies have turned slightly bearish, breaks below daily cloud could see downside upto 0.9864 (Mar 18th lows).
- Strong trendline resistance lies at 1.0014 and any bullishness can be seen only on breaks above.
- he pair has immediate support at 0.9933 (10-DMA) and breaks below will find next support at 0.9940 (cloud top).
The material has been provided by InstaForex Company - www.instaforex.com