FxWirePro: AUD/CAD Breaks Below 200-Dma at 0.9692, Good to Sell Rallies
- AUD/CAD slump post dismal Australia's CPI data on Wednesday saw the pair break below strong 200-DMA support at 0.9692.
- Bearish bias in the pair has risen and momentum studies heavily tilted to the downside.
- Major moving averages are biased lower, RSI deeply in oversold zone and MACD points south.
- Downside finds next major support at 0.9434 (Nov 17th lows), breaks below will see next support at 0.9361 (Oct 16th lows).
- Resistance on the upside aligns at 0.9687 (5-DMA), 0.9692 (200-DMA) and 0.9750 (trendline support turned resistance).
Recommendation: Good to sell rallies around 0.96 levels, SL: 0.9750, TP: 0.95/0.9450/0.94/0.9361
The material has been provided by InstaForex Company - www.instaforex.com