FxWirePro: AUD/CAD Holds Major Support at 0.9418, Good to Go Short on Breaks Below

FxWirePro: AUD/CAD Holds Major Support at 0.9418, Good to Go Short on Breaks Below

18 May 2016, 08:50
Roberto Jacobs
0
6

FxWirePro: AUD/CAD Holds Major Support at 0.9418, Good to Go Short on Breaks Below

  • AUD/CAD trades with a downward bias. Momentum studies on dailies are bearish. 
  • The pair is currently holding above strong trendline support at 0.9418, weakness to resume on breaks below. 
  • Next strong support aligns at 0.9368 (78.6% Fib retrace of 0.9150 to 1.0169) ahead of 0.9360 (May 13th lows). 
  • Longer term bias is bearish, breaks below 0.9368 (78.6% Fib) could drag the pair to 0.93 and then 0.9250 levels. 
  • On the upside major resistance is seen around 0.9440 levels.

Recommendation: Good to go short on break below 0.9418, SL: 0.9450, TP: 0.9390/0.9360/0.93 

The material has been provided by ifx_logo.gif



Share it with friends: