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

• 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 

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