FXWIREPRO: AUD/CAD Holds Above Cloud Base, Weakness Only on Breaks Below
13 April 2016, 09:50
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FXWIREPRO: AUD/CAD Holds Above Cloud Base, Weakness Only on Breaks Below
- AUD/CAD has broken range trade and price action has slipped into the daily cloud.
- Long upper wicks successively on daily candles suggests selling pressure, pair struggling to extend upside.
- Momentum studies are neutral, pair is holding above cloud base support, only break below will see scope for further downside.
- Resistance on the upside is located at 0.9812 (5-DMA) ahead of 0.9884 (cloud top).
- Downside in the pair has found support by cloud base at 0.9799, breaks below will find next support at 0.9715 (rising trendline).
The material has been provided by InstaForex Company - www.instaforex.com
