30 Jul 2013
AUD/CAD bounces off lows
FXstreet.com (New York) - The AUD/CAD recently rebounded off of session lows at 0.9423 during Asian trading Tuesday morning, still entrenched in negative territory.
The AUD/CAD is presently trading at the 0.9433 level, currently incurring a decline of -0.14%. Later today Australia is slated to release Building Permits data, as well as the RBA Governor Stevens speech at 3:05 GMT. Technically speaking, the AUD/CAD will face support 0.9422 (July 25 low), followed by 0.9410 (July 15 low), and 0.9371 (July 12 low).
AUD/CAD strategic bias
According to the TD Securities Team, “It’s all getting a little choppy in AUD/CAD. We thought the market broke down from a short-term consolidation early in July (bearish wedge pattern) but sell-off in the AUD has failed to extend significantly. A bigger, broader consolidation may be forming. We think downside risks still look rather large here (medium-term, we continue to target 0.91 following the 1.07/0.99 double top breakdown). We spot strong resistance at 0.9550/60 - above 0.9700/10 relieves near-term downside risks.”
The AUD/CAD is presently trading at the 0.9433 level, currently incurring a decline of -0.14%. Later today Australia is slated to release Building Permits data, as well as the RBA Governor Stevens speech at 3:05 GMT. Technically speaking, the AUD/CAD will face support 0.9422 (July 25 low), followed by 0.9410 (July 15 low), and 0.9371 (July 12 low).
AUD/CAD strategic bias
According to the TD Securities Team, “It’s all getting a little choppy in AUD/CAD. We thought the market broke down from a short-term consolidation early in July (bearish wedge pattern) but sell-off in the AUD has failed to extend significantly. A bigger, broader consolidation may be forming. We think downside risks still look rather large here (medium-term, we continue to target 0.91 following the 1.07/0.99 double top breakdown). We spot strong resistance at 0.9550/60 - above 0.9700/10 relieves near-term downside risks.”