Short AUD/CAD on break below 50-DMA and daily cloud, tgt 0.9580
The pair has broken support at 50-DMA and is on track for further downside.
Price action is hovering around daily cloud base at 0.9695 which is strong support.
Technical analysis for the pair supports further weakness. Stochs and RSI are sharply lower.
Price action is below major EMAs and Bollinger Bands are widening and we see -ve DMI dominance.
Break below daily cloud to see drag till 0.9580 (trendline) and then 0.9554 (May 10 lows).
We see bearish invalidation only above 50-DMA.
Good to go short on decisive break below cloud base, SL: 0.9750, TP: 0.9626/ 0.96/ 0.9580
Price action is hovering around daily cloud base at 0.9695 which is strong support.
Technical analysis for the pair supports further weakness. Stochs and RSI are sharply lower.
Price action is below major EMAs and Bollinger Bands are widening and we see -ve DMI dominance.
Break below daily cloud to see drag till 0.9580 (trendline) and then 0.9554 (May 10 lows).
We see bearish invalidation only above 50-DMA.
Good to go short on decisive break below cloud base, SL: 0.9750, TP: 0.9626/ 0.96/ 0.9580