FxWirePro

AUD/CAD holds 200-DMA support, weakness only on break below

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUD/CAD             trades a narrow range on the day, with a high of 0.9820 and a low of 0.9785.

Oil-price weakness, after bearish US rigs count report last week likely to keep CAD depressed.

The pair is holding above major support by 200-DMA at 0.9781, violation there could see test of 0.9722 (50% Fib).

We have evidenced a hammer formation at lows near 0.9761 on Friday's trade, scope for some upside.

38.2% Fib at 0.9816 is immediate hurdle, break above could see test of 20-DMA at 0.9920.

Stochs are at oversold territory, but other indicators are inconclusive.

We recommend waiting for Stochs rollover from oversold levels, with a price breakout above 38.2% Fib at 0.9816 to go long for 0.9920.

On the flipside, short close below 200-DMA at 0.9781, target 0.9722
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out