AUD/CAD short setup
AUD/CAD is extending slump for 6th successive session, momentum still with the bears.
Crude oil prices jumped sharply after better than expected crude oil inventory data, supporting CAD.
The pair is trading a 'Symmetric Triangle' pattern and is extending decline after rejection at triangle top.
Price action has broken below daily cloud and has broken below 61.8% Fib retrace of 0.9643 to 1.0345 rally at 0.9912.
We see scope for test of 0.9760 on breach of weekly cloud base at 0.9861.
On the flipside, 200-DMA at 1.0008 is stiff resistance, we see upside resumption only on close above.
Support levels - 0.9860 (July 26 low), 0.98, 0.9794 (78.6% Fib of 0.9644 to 1.0346 rally)
Resistance levels - 0.9936 (5-DMA), 1.0008 (200-DMA), 1.0045 (trendline), 1.0077 (38.2% Fib)
Crude oil prices jumped sharply after better than expected crude oil inventory data, supporting CAD.
The pair is trading a 'Symmetric Triangle' pattern and is extending decline after rejection at triangle top.
Price action has broken below daily cloud and has broken below 61.8% Fib retrace of 0.9643 to 1.0345 rally at 0.9912.
We see scope for test of 0.9760 on breach of weekly cloud base at 0.9861.
On the flipside, 200-DMA at 1.0008 is stiff resistance, we see upside resumption only on close above.
Support levels - 0.9860 (July 26 low), 0.98, 0.9794 (78.6% Fib of 0.9644 to 1.0346 rally)
Resistance levels - 0.9936 (5-DMA), 1.0008 (200-DMA), 1.0045 (trendline), 1.0077 (38.2% Fib)
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