AUDCAD - Lack of bullish conviction

AUDCAD (1H) - short term bearish bias

The Australian dollar weakens across the board on Tuesday as sellers reaffirm their commitment. The breakout below the floor of 0.8990 has triggered a series of lower lows as sentiment turned downbeat. The bearish MA cross was a signal that the price action was heading down after it failed to stay above 0.9030. We would expect the pair to continue on its way down towards 0.8930. Both moving averages and the bearish trend line would act as resistance in case of a rebound.

Key support: 0.8930
Key resistance: 0.8975