24 Jul 2013
AUD/CAD flat above 0.9550 ahead of big local data
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at 0.9557 bids, totally flat since NY session close, unchanged for over a week now, inside the 0.9658/0.9503 trading range, ahead of Aus CPI at 01:30 GMT and HSBC PMI China 15 minutes later.
AUD/CAD still not out of bear camp
“AUD/CAD’s sell-off below the base of the bear wedge formation we noted earlier in July may have stalled but there is no sign of the AUD picking up any significant momentum for a strong rally at this point,” said Shaun Osborne and Greg Moore, Toronto based analysts at TD Securities, adding: “Short-term support at 0.9485/00 may hold the market up in the short run but unless the AUD can make it back above 0.9600/10 (28-day MA) near-term, the consolidation may start to falter.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at current levels as July 17 lows 0.9554, followed by recent session and Monday's NY session lows at 0.9545, and early NY session lows at 0.9515. To the upside, closest resistance shows at recent session highs 0.9579, followed by yesterday's highs at 0.9589, and Monday's weekly highs at 0.9597.
AUD/CAD still not out of bear camp
“AUD/CAD’s sell-off below the base of the bear wedge formation we noted earlier in July may have stalled but there is no sign of the AUD picking up any significant momentum for a strong rally at this point,” said Shaun Osborne and Greg Moore, Toronto based analysts at TD Securities, adding: “Short-term support at 0.9485/00 may hold the market up in the short run but unless the AUD can make it back above 0.9600/10 (28-day MA) near-term, the consolidation may start to falter.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at current levels as July 17 lows 0.9554, followed by recent session and Monday's NY session lows at 0.9545, and early NY session lows at 0.9515. To the upside, closest resistance shows at recent session highs 0.9579, followed by yesterday's highs at 0.9589, and Monday's weekly highs at 0.9597.