- AUD/CAD fails to hold break above channel top, retraces back into slopping channel.
- The pair has slipped below 100-DMA at 0.9794, bias lower.
- Technical indicators have turned bearish, we see scope for further downside.
- RSI and Stochs have rolled over from near overbought levels and MACD is on verge of a bearish crossover.
- 50-DMA at 0.9756 is major support on the downside. Break below will accentuate weakness.
Support levels - 0.9771 (20-DMA), 0.9764 (cloud top), 0.9756 (50-DMA)
Resistance levels - 0.9794 (100-DMA), 0.9802 (5-DMA), 0.9871 (38.2% Fib retrace of 1.0345 to 0.9579 fall)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 29.8766 (Neutral), while Hourly CAD Spot Index was at 28.5393 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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