- AUD/CAD trades with a downward bias. Momentum studies on dailies are bearish.
- The pair is currently holding above strong trendline support at 0.9418, weakness to resume on breaks below.
- Next strong support aligns at 0.9368 (78.6% Fib retrace of 0.9150 to 1.0169) ahead of 0.9360 (May 13th lows).
- Longer term bias is bearish, breaks below 0.9368 (78.6% Fib) could drag the pair to 0.93 and then 0.9250 levels.
- On the upside major resistance is seen around 0.9440 levels.
Recommendation: Good to go short on break below 0.9418, SL: 0.9450, TP: 0.9390/0.9360/0.93
The material has been provided by InstaForex Company – www.instaforex.com