6 Nov 2013
AUD/CAD reaches 93.73 highs; flirts with resistance
FXstreet.com (Chicago) - AUD/CAD continues flowing close to immediate resistance after the release of shrinking trade balance facts in Australia.
Australian trade data was -284M vs. expected -450M and past -693M. Exports for September were flat vs. prior 3% while imports were -1% vs. prior 1%.
AUD/CAD Technical Levels
Technically speaking, the pair is offered at 0.9933 and navigates between the supports aligned at 0.99 (October 29th lows), 0.9875 (November 4th lows) ahead of 0.9836 (November 1st lows) and the resistances aligned at 0.9938 (October 21st lows), 0.9961 (October 30th highs) followed by 1.00 (October 25th highs). With an upward trendline intact (originating last November 3rd), the pair approaches immediate resistance around the 0.9940 zone. Primary, secondary and short-term trends support intraday price action pointing up.
Australian trade data was -284M vs. expected -450M and past -693M. Exports for September were flat vs. prior 3% while imports were -1% vs. prior 1%.
AUD/CAD Technical Levels
Technically speaking, the pair is offered at 0.9933 and navigates between the supports aligned at 0.99 (October 29th lows), 0.9875 (November 4th lows) ahead of 0.9836 (November 1st lows) and the resistances aligned at 0.9938 (October 21st lows), 0.9961 (October 30th highs) followed by 1.00 (October 25th highs). With an upward trendline intact (originating last November 3rd), the pair approaches immediate resistance around the 0.9940 zone. Primary, secondary and short-term trends support intraday price action pointing up.