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.
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