• FxWirePro: AUD/CAD breaks strong trendline support at 0.9340, bias lower

    Source: FxWire Pro - Technicals / 16 May 2019 09:40:00   America/New_York

    AUD/CAD chart - Trading View 

    • AUD/CAD has broken strong trendline support at 0.9340, bias lower. 
       
    • Near-term trend in the pair has shown a shift as indicated by GMMA indicator.
       
    • Recovery attempts capped at cloud which offers stiff resistance. Price action is below major moving averages.
       
    • Technical indicators support further weakness. Volatility is rising and RSI and Stochs are sharply lower.
       
    • Next immediate support lies at 78.6% Fib at 0.9248. Break below will see dip till 0.9175 (Oct 24 low).
       
    • 5-DMA is immediate resistance at 0.9336, retrace above trendline support turned resistance at 0.9340 could see minor upside.

    Support levels - 0.9248 (78.6% Fib), 0.92, 0.9175 (Oct 24 low)

    Resistance levels - 0.9336 (5-DMA), 0.9360 (61.8% Fib), 0.94

    For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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