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28 Aug 2013
AUD/CAD dragged below 0.94 again on stops tripping
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at 0.9397 bids, off recent session and weekly lows at 0.9361 printed on the back of massive Aussie weakness tripping some stops out of AUD/USD below 0.8930 at the Tokyo open.
AUD/CAD suggest another run lower
“We have been dubious about the potential for AUD/CAD to rally significantly as the cross has clearly struggled in the mid/upper 0.95 area (note initial retracement resistance at 0.9545) over the past week or so” said the TD Securities Toronto based FX Research Team, adding: “Price signaled a bearish turn Friday (“gravestone doji”) around resistance in the mid/upper 0.95 area and the sharp turn lower today (so far, back through short and medium-term MA supports) suggests that the market may have another run towards 0.91 now.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at August 22 lows 0.9371, followed by recent session/weekly lows at 0.9361, and August 20 lows at 0.9353. To the upside, closest resistance shows at August 19 lows 0.9401, followed by early session highs at 0.9433, and August 21 highs at 0.9460.
AUD/CAD suggest another run lower
“We have been dubious about the potential for AUD/CAD to rally significantly as the cross has clearly struggled in the mid/upper 0.95 area (note initial retracement resistance at 0.9545) over the past week or so” said the TD Securities Toronto based FX Research Team, adding: “Price signaled a bearish turn Friday (“gravestone doji”) around resistance in the mid/upper 0.95 area and the sharp turn lower today (so far, back through short and medium-term MA supports) suggests that the market may have another run towards 0.91 now.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at August 22 lows 0.9371, followed by recent session/weekly lows at 0.9361, and August 20 lows at 0.9353. To the upside, closest resistance shows at August 19 lows 0.9401, followed by early session highs at 0.9433, and August 21 highs at 0.9460.