FXWIREPRO: Cloud Base Is Strong Support for AUD/CAD, Weakness Only on Breaks Below 0.9787

FXWIREPRO: Cloud Base Is Strong Support for AUD/CAD, Weakness Only on Breaks Below 0.9787

12 April 2016, 09:08
Roberto Jacobs
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5

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

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