29 Aug 2013
AUD/CAD unable to hold above 0.94 demand
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted near session highs at 0.9394 mostly on the back of Aussie strenght ahead of Capex data at 01:30 GMT, off early NY session fresh 3-week lows at 0.9328.
AUD/CAD targets a retest of previous lows
“We have been skeptical about the AUD’s ability to rally significantly in the recent past and the turn lower from resistance in the mid 0.95 area in the past week reaffirms our concerns that the market is not yet done with exploring downside potential in this market,” said the TD Securities Toronto based FX Research Team, adding: “Two failures in the 0.9535 area this month (minor double top) and a sustained break under the intervening low at 0.9355 (minor double top neckline trigger) targets a retest of the early August low at least we think.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at August 09/15 lows 0.9375, followed by July 12/August 20 lows at 0.9350, and overnight fresh 3-week lows at 0.9328. To the upside, closest resistance shows at current session highs/Tuesday's lows 0.9402, followed by yesterday's highs at 0.9443, and August 21 highs at 0.9460.
AUD/CAD targets a retest of previous lows
“We have been skeptical about the AUD’s ability to rally significantly in the recent past and the turn lower from resistance in the mid 0.95 area in the past week reaffirms our concerns that the market is not yet done with exploring downside potential in this market,” said the TD Securities Toronto based FX Research Team, adding: “Two failures in the 0.9535 area this month (minor double top) and a sustained break under the intervening low at 0.9355 (minor double top neckline trigger) targets a retest of the early August low at least we think.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at August 09/15 lows 0.9375, followed by July 12/August 20 lows at 0.9350, and overnight fresh 3-week lows at 0.9328. To the upside, closest resistance shows at current session highs/Tuesday's lows 0.9402, followed by yesterday's highs at 0.9443, and August 21 highs at 0.9460.