22 Aug 2013
AUD/CAD hovering above 0.9400 despite Aussie weakness
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted near session highs at 0.9413 bids, off recent session lows at 0.9386, down -0.82% so far for the week mostly on Aussie weakness, and about flat from previous Asia-Pacific open yesterday.
AUD/CAD rebound from below 0.92 has stalled
“AUD/CAD has chopped around the 0.94 area in the past two days but there is no getting around the fact that the August rebound from just below 0.92 has stalled and quite likely reversed from a technical point of view,” said the TD Securities Toronto based FX Research Team, adding: “The AUD topped out around the 0.9500/50 area (40-day MA signal and initial, 23.6% retracement resistance of the 1.07/0.92 drop). Heavy losses Monday (forming a bearish dark cloud cover candle) against a zone of key resistance suggests that a top is in and the recent correction is over. ”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9386, followed by August 15 at 0.9376, and Tuesday's fresh weekly lows at 0.9351. To the upside, closest resistance shows at NY session highs 0.9462, followed by August 15 highs at 0.9477, and Friday's highs at 0.9538.
AUD/CAD rebound from below 0.92 has stalled
“AUD/CAD has chopped around the 0.94 area in the past two days but there is no getting around the fact that the August rebound from just below 0.92 has stalled and quite likely reversed from a technical point of view,” said the TD Securities Toronto based FX Research Team, adding: “The AUD topped out around the 0.9500/50 area (40-day MA signal and initial, 23.6% retracement resistance of the 1.07/0.92 drop). Heavy losses Monday (forming a bearish dark cloud cover candle) against a zone of key resistance suggests that a top is in and the recent correction is over. ”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9386, followed by August 15 at 0.9376, and Tuesday's fresh weekly lows at 0.9351. To the upside, closest resistance shows at NY session highs 0.9462, followed by August 15 highs at 0.9477, and Friday's highs at 0.9538.