31 Jul 2013
AUD/CAD posts fresh almost 3-year lows
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at 0.9343 bids, off recent fresh almost 3-year lows at 0.9307 printed in late London session following yesterday's RBA Stevens comments.
AUD/CAD strongly bearish mid term
“The heavy sell off in AUD/CAD suggests a broader resumption of the bear trend that has been in place since May (medium-term, we continue to target 0.91 following the 1.07/0.99 double top breakdown),” said TD Securities Toronto based FX Research Team, adding: “Today’s drop through the base of the July consolidation is bearish. A broad alignment of short, medium and long-term trend momentum indicators in bear mode even more so. This alignment typically means limited counter-term corrections and an ongoing grind lower (in this case).”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent almost 3-year lows 0.9307, followed by March 2010 lows at 0.9255, and Feb 2010 lows at 0.9229. To the upside, closest resistance shows at current levels as July 12 lows 0.9354, followed by July 15 lows at 0.9403, and July 25 lows at 0.9414.
AUD/CAD strongly bearish mid term
“The heavy sell off in AUD/CAD suggests a broader resumption of the bear trend that has been in place since May (medium-term, we continue to target 0.91 following the 1.07/0.99 double top breakdown),” said TD Securities Toronto based FX Research Team, adding: “Today’s drop through the base of the July consolidation is bearish. A broad alignment of short, medium and long-term trend momentum indicators in bear mode even more so. This alignment typically means limited counter-term corrections and an ongoing grind lower (in this case).”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent almost 3-year lows 0.9307, followed by March 2010 lows at 0.9255, and Feb 2010 lows at 0.9229. To the upside, closest resistance shows at current levels as July 12 lows 0.9354, followed by July 15 lows at 0.9403, and July 25 lows at 0.9414.