'Death Cross' on 1H charts, AUD/CAD eyes 200-DMA at 1.0013
The pair is extending slump from yearly highs at 1.03458, eyes 200-DMA at 1.0013.
Weakness seen on weekly charts, violation at 200-DMA could see drag upto 0.9925 (April 12 low).
Death cross (bearish 50-SMA crossover on 200-SMA) on hourly charts adds to bearish bias.
Immediate support on the downside is seen at 100-DMA at 1.0036, while immediate resistance lies at 1.0092 (cloud base).
We see bearish invalidation only on close above 1H 200-SMA at 1.20
Recommendation: Good to go short around 1.0080/90, SL: 1.0140, TP: 1.0050/ 1.0015/ 1.00
Weakness seen on weekly charts, violation at 200-DMA could see drag upto 0.9925 (April 12 low).
Death cross (bearish 50-SMA crossover on 200-SMA) on hourly charts adds to bearish bias.
Immediate support on the downside is seen at 100-DMA at 1.0036, while immediate resistance lies at 1.0092 (cloud base).
We see bearish invalidation only on close above 1H 200-SMA at 1.20
Recommendation: Good to go short around 1.0080/90, SL: 1.0140, TP: 1.0050/ 1.0015/ 1.00
Comment:
All targets hit.