9 Aug 2013
AUD/CAD recovers partially above 0.94 from fresh multi-year lows
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at 0.9401 bids, off recent session lows at 0.9388, up a +1.63% for the week so far mostly on the back of Aussie strength despite Loonie strength as well, retracing from recent fresh weekly highs at 0.9463.
AUD/CAD broader trend still lower
“AUD/CAD’s stabilization has extended, putting the cross right on the screws of the late July triangle breakdown (now resistance) which is converging with the June/July trend resistance at 0.9450,” said TD Securities Toronto based FX Research Team, adding: “If the rebound is going to stall and retain a corrective attitude, this would be a good place. Short-term trend momentum oscillators have moved back to bullish or neutral from bearish, helping relieve the pressure on the AUD but we still think the broader trend here is lower. We retain a target of 0.91 (resulting from the 1.07/0.99 double top breakdown in May).”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9388, followed by July 12 lows at 0.9347, and Tuesday's lows at 0.9294. To the upside, closest resistance shows at London session lows 0.9420, followed by mentioned weekly highs at 0.9463, and July 26 lows at 0.9493.
AUD/CAD broader trend still lower
“AUD/CAD’s stabilization has extended, putting the cross right on the screws of the late July triangle breakdown (now resistance) which is converging with the June/July trend resistance at 0.9450,” said TD Securities Toronto based FX Research Team, adding: “If the rebound is going to stall and retain a corrective attitude, this would be a good place. Short-term trend momentum oscillators have moved back to bullish or neutral from bearish, helping relieve the pressure on the AUD but we still think the broader trend here is lower. We retain a target of 0.91 (resulting from the 1.07/0.99 double top breakdown in May).”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9388, followed by July 12 lows at 0.9347, and Tuesday's lows at 0.9294. To the upside, closest resistance shows at London session lows 0.9420, followed by mentioned weekly highs at 0.9463, and July 26 lows at 0.9493.