FXWIREPRO: Cloud Base Is Strong Support for AUD/CAD, Weakness Only on Breaks Below 0.9787
- AUD/CAD has broken range trade and price action has slipped into the daily cloud, hit session lows at 0.9788.
- Momentum studies are neutral, pair struggling to break below cloud base, only break below will see scope for further downside.
- Resistance on the upside is located at 0.9864 (5-DMA) ahead of 0.9884 (cloud top).
- Downside in the pair has found support by cloud base at 0.9787, breaks below will find next support at 0.97 (rising trendline).
The material has been provided by InstaForex Company - www.instaforex.com