AUD/CAD breaks below 200-DMA at 0.9692, good to sell rallies
AUD/CAD slump post dismal Australia's CPI data on Wednesday saw the pair break below strong 200-DMA support at 0.9692.
Bearish bias in the pair has risen and momentum studies heavily tilted to the downside.
Major moving averages are biased lower, RSI deeply in oversold zone and MACD points south.
Downside finds next major support at 0.9434 (Nov 17th lows), breaks below will see next support at 0.9361 (Oct 16th lows).
Resistance on the upside aligns at 0.9687 (5-DMA), 0.9692 (200-DMA) and 0.9750 (trendline support turned resistance).
Good to sell rallies around 0.96 levels, SL: 0.9750, TP: 0.95/0.9450/0.94/0.9361
Bearish bias in the pair has risen and momentum studies heavily tilted to the downside.
Major moving averages are biased lower, RSI deeply in oversold zone and MACD points south.
Downside finds next major support at 0.9434 (Nov 17th lows), breaks below will see next support at 0.9361 (Oct 16th lows).
Resistance on the upside aligns at 0.9687 (5-DMA), 0.9692 (200-DMA) and 0.9750 (trendline support turned resistance).
Good to sell rallies around 0.96 levels, SL: 0.9750, TP: 0.95/0.9450/0.94/0.9361
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