10 Jul 2013
Flash: AUD/CAD, look to sell rallies for 0.91 target - TDS
FXstreet.com (Barcelona) - Medium-term AUD/CAD signals remain bearish, says Shaun Osborne, Chief FX Strategist at TDS, who continues to assess the technical picture as one with final target of 0.91.
According to Osborne, "We think price action remains generally corrective after the recent softness. Broader trend momentum signals (daily, weekly, monthly) are aligned bearishly at the moment and that usually signifies only limited scope for counter-trend (higher, in this case) corrections before the broader (bear) trend reasserts itself. Key resistance remains at 0.9915/20."
According to Osborne, "We think price action remains generally corrective after the recent softness. Broader trend momentum signals (daily, weekly, monthly) are aligned bearishly at the moment and that usually signifies only limited scope for counter-trend (higher, in this case) corrections before the broader (bear) trend reasserts itself. Key resistance remains at 0.9915/20."