AUD/CAD trades a narrow range, capped below 5-DMA, intraday bias lower.
Bearish divergence on RSI builds scope for downside in the pair.
Stochs are also biased lower and MACD line is showing a bearish crossover on signal line.
Downside likely to test 100-DMA at 0.9983. Bearish invalidation only above trendline resistance at 1.0185.
Violation at 100-DMA finds next major support at daily cloud by 0.9925.
Support levels - 1.010 (20-DMA and 23.6% Fib retrace of 0.96439 to 1.02537 rally), 1.00 (38.2% Fib and Feb 24 low), 0.9983 (100-DMA)
Resistance levels - 1.0158 (5-DMA), 1.0185 (trendline), 1.0215 (Mar 7 high)
Good to go short on break below 20-DMA at 1.010, SL: 1.0158, TP: 1.00/ 0.9985
Bearish divergence on RSI builds scope for downside in the pair.
Stochs are also biased lower and MACD line is showing a bearish crossover on signal line.
Downside likely to test 100-DMA at 0.9983. Bearish invalidation only above trendline resistance at 1.0185.
Violation at 100-DMA finds next major support at daily cloud by 0.9925.
Support levels - 1.010 (20-DMA and 23.6% Fib retrace of 0.96439 to 1.02537 rally), 1.00 (38.2% Fib and Feb 24 low), 0.9983 (100-DMA)
Resistance levels - 1.0158 (5-DMA), 1.0185 (trendline), 1.0215 (Mar 7 high)
Good to go short on break below 20-DMA at 1.010, SL: 1.0158, TP: 1.00/ 0.9985