AUDCAD holds above cloud base 0.9787, break below to target 0.97
AUD/CAD has broken range trade and price action has slipped into the daily cloud, hit session lows at 0.9788.
Downside in the pair has found support by cloud base at 0.9787, breaks below will test next support at 0.97 (rising trendline).
Resistance on the upside is located at 0.9864 (5-DMA) ahead of 0.9884 (cloud top).
Recovery in crude oil prices likely to support the Loonie, while the main data event for the Aussie, CPI and PPI from China marginally missed expectations.
Momentum studies are bearish, 5-DMA bearish crossover on 10-DMA indicates near-term trend is lower.
Good to sell rallies around 0.9810/20, SL: 0.9860, target 0.9710
Downside in the pair has found support by cloud base at 0.9787, breaks below will test next support at 0.97 (rising trendline).
Resistance on the upside is located at 0.9864 (5-DMA) ahead of 0.9884 (cloud top).
Recovery in crude oil prices likely to support the Loonie, while the main data event for the Aussie, CPI and PPI from China marginally missed expectations.
Momentum studies are bearish, 5-DMA bearish crossover on 10-DMA indicates near-term trend is lower.
Good to sell rallies around 0.9810/20, SL: 0.9860, target 0.9710
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