FXWIREPRO: AUD/CAD Rises from Lows of 0.9897, Finds Strong Resistance at 0.9950
6 April 2016, 12:51
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FXWIREPRO: AUD/CAD Rises from Lows of 0.9897, Finds Strong Resistance at 0.9950
- AUD/CAD downside on Tuesday found support by the daily cloud, currently spanning 0.9778 to 0.9884.
- The pair took support by cloud top at 0.9893 and edged higher to currently trade around 0.9941 levels.
- 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 0.9984 (daily cloud top).
- On the flipside, immediate resistance is seen at 0.9946 (5-DMA), 0.9949 (10-DMA) ahead of strong trendline support at 1.0004.
- Momentum studies neutral, technical indicators are inconclusive, we prefer to remain on the sidelines for now.
The material has been provided by InstaForex Company - www.instaforex.com
