FXWIREPRO: AUD/CAD Holds Above Cloud Base, Weakness Only on Breaks Below

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