AUD/CAD may rise 24 - 35 pips

Our pivot point is at 0.9113.

Our preference

Look for a drop towards 0.9113 before a bounce.

Alternative scenario

The downside breakout of 0.9113 would call for 0.9094 and 0.9083.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.9138 and 0.9135).

Supports and resistances

0.9197 **

0.9186 *

0.9175 **

0.9164

0.9140 last

0.9120

0.9113 **

0.9094 *

0.9083 **

Number of asterisks represents the strength of support and resistance levels.