AUD/CAD short setup
AUD/CAD is extending declines for 3rd consecutive session, has broken major trendline support at 1.0225, intraday bias lower.
The pair is currently holding above 20-DMA at 1.0189, weakness likely on break below.
Technical studies point to further downside, break below 20-DMA finds next major support at 1.0070 (50-DMA).
RSI has turned lower from near overbought levels and Stochs are biased lower.
We see a bearish invalidation only on close above 5-DMA at 1.0262.
Support levels - 1.0189 (20-DMA), 1.0170 (23.6% Fib), 1.0103 (March 3 low), 1.0070 (38.2% Fib)
Resistance levels - 1.0225 (trendline), 1.0262 (5-DMA), 1.03, 1.0333 (Mar 20 high)
Good to go short on rallies around 1.0210/20, SL: 1.0260, TP: 1.0170/ 1.0100/ 1.0070
The pair is currently holding above 20-DMA at 1.0189, weakness likely on break below.
Technical studies point to further downside, break below 20-DMA finds next major support at 1.0070 (50-DMA).
RSI has turned lower from near overbought levels and Stochs are biased lower.
We see a bearish invalidation only on close above 5-DMA at 1.0262.
Support levels - 1.0189 (20-DMA), 1.0170 (23.6% Fib), 1.0103 (March 3 low), 1.0070 (38.2% Fib)
Resistance levels - 1.0225 (trendline), 1.0262 (5-DMA), 1.03, 1.0333 (Mar 20 high)
Good to go short on rallies around 1.0210/20, SL: 1.0260, TP: 1.0170/ 1.0100/ 1.0070
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