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27 Aug 2013
AUD/CAD strong selling keeps the cross capped below 0.95
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted near session lows at 0.9460 marginally lower for the week so far, mostly on the back of Aussie recent weakness.
AUD/CAD bullish signal remains elusive
“AUD/CAD retains a slightly better bid undertone but a definitively bullish signal remains elusive here,” said the TD Securities Toronto based FX Research Team, adding: “Intraday, the AUD looks to be making a little more headway through the 40-day MA—a positive—but that follows a bearish candle signal Friday (“gravestone doji”) and what still looks to be firm resistance in the mid/upper 0.95 area. The move lower in the cross is consolidating and the broader bear objective we targeted in May (0.91) was more or less reached so grounds for a bounce may be strengthening. We would be more convinced if the AUD could sustain a move through 0.9550/75.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at early Monday's weekly lows 0.9462, followed by past Tuesday's highs at 0.9452, and August 19 lows at 0.9403. To the upside, closest resistance shows at recent session highs 0.9494, followed by early NY session weekly highs at 0.9528, and August 16 highs at 0.9537.
AUD/CAD bullish signal remains elusive
“AUD/CAD retains a slightly better bid undertone but a definitively bullish signal remains elusive here,” said the TD Securities Toronto based FX Research Team, adding: “Intraday, the AUD looks to be making a little more headway through the 40-day MA—a positive—but that follows a bearish candle signal Friday (“gravestone doji”) and what still looks to be firm resistance in the mid/upper 0.95 area. The move lower in the cross is consolidating and the broader bear objective we targeted in May (0.91) was more or less reached so grounds for a bounce may be strengthening. We would be more convinced if the AUD could sustain a move through 0.9550/75.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at early Monday's weekly lows 0.9462, followed by past Tuesday's highs at 0.9452, and August 19 lows at 0.9403. To the upside, closest resistance shows at recent session highs 0.9494, followed by early NY session weekly highs at 0.9528, and August 16 highs at 0.9537.