19 May 2015
AUD/CAD: Targeting 0.9950/1.0050 - Westpac
FXStreet (Bali) - David Coloretti, CMT, Technical Analyst at Westpac, holds a bullish view on AUD/CAD, targeting 0.9950/1.0050 in coming weeks/months.
Key Quotes
"AUDCAD held multi-year lows above 0.9400 in April 2015. The triple bottom produced across 2013/2015 is a solid launching pad for a material bounce. Last week’s close was the highest weekly close since March."
"This highlights an increasingly positive price driven environment. MT momentum indicators have triggered bullish shifts / breakouts in recent weeks, confirming a shift from interim downtrend to interim uptrend."
"This combination of bullish price action and momentum, off the back of the hold of key LT support levels, sets up a positive multi-week outlook. We target a retest of 0.9950 / 1.0050 in the coming weeks / months."
Key Quotes
"AUDCAD held multi-year lows above 0.9400 in April 2015. The triple bottom produced across 2013/2015 is a solid launching pad for a material bounce. Last week’s close was the highest weekly close since March."
"This highlights an increasingly positive price driven environment. MT momentum indicators have triggered bullish shifts / breakouts in recent weeks, confirming a shift from interim downtrend to interim uptrend."
"This combination of bullish price action and momentum, off the back of the hold of key LT support levels, sets up a positive multi-week outlook. We target a retest of 0.9950 / 1.0050 in the coming weeks / months."