FXWIREPRO: AUD/CAD Extends Range Trade, Capped Below Strong Trendline Resistance at 1.0002

FXWIREPRO: AUD/CAD Extends Range Trade, Capped Below Strong Trendline Resistance at 1.0002

5 April 2016, 08:52
Roberto Jacobs
0
10

FXWIREPRO: AUD/CAD Extends Range Trade, Capped Below Strong Trendline Resistance at 1.0002

  • AUD/CAD was rejected by strong trendline resistance at 1.0008. The pair is currently trading around 0.9957 levels after hitting session highs at 0.9976. 
  • Momentum studies on daily charts are neutral, the pair is extending range trade between 1.0053 and 0.9864. 
  • Immediate support is seen at 0.9919 (Mar 9th lows), 0.99 and then 0.9983 (daily cloud top). 
  • On the flipside, immediate resistance is seen at 0.9954 (converged 5 & 10 DMA) ahead of strong trendline support at 1.0008.  
  • Aussie continues to be heavily battered on awful Australian trade data, while weak oil likely to keep pressure on the Loonie. 
  • All targets on our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-rejected-at-10008-strong-trendline-resistance-good-to-sell-rallies-188570) almost hit. The pair has hit lows of 0.9917 
  • Techs inconclusive, we prefer to remian on the sidelines for now. 


The material has been provided by InstaForex Company - www.instaforex.com

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