FxWirePro: AUD/CAD Finds Stiff Resistance at 0.9542, Good to Sell Rallies

FxWirePro: AUD/CAD Finds Stiff Resistance at 0.9542, Good to Sell Rallies

8 June 2016, 10:39
Roberto Jacobs
0
3

FxWirePro: AUD/CAD Finds Stiff Resistance at 0.9542, Good to Sell Rallies

  • AUD/CAD is extending downside from 1-month highs of 0.9545 hit on Tuesday. 
  • Intraday bias for the pair is lower, pair finds immediate support at 0.9455 (trendline), then 0.9446 (10-DMA). 
  • Major resistance is seen at 0.9542 (trendline), bearish invalidation only on break above. 
  • Techs on 2H charts support downside. Break below 0.9455 could see test of 0.9385 levels.

Recommendation: Good to sell rallies around 0.9480/90, SL: 0.9545, TP: 0.9455/ 0.9430/ 0.9385 

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