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