30 Aug 2013
AUD/CAD struggling to stay afloat above 0.9400
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted near session highs at 0.9403 off recent session lows at 0.9376 on a series of 3 consecutive higher intraday lows since Wednesday's fresh weekly lows, despite still capped below 0.9415 ask line.
AUD/CAD downside risk remain
“AUD/CAD’s sell-off below short-term support (minor double top neckline) at 0.9355 yesterday reversed partially by the close and the market is consolidating (inside range) so far today,” said the TD Securities Toronto based FX Research Team, adding: “To a large degree, we think the technical “damage” has been done here so we would rather think downside risks (retest of the upper 0.91 area) remain.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session/August 22 lows 0.9376/72, followed by July 12/August 20-yesterday's lows at 0.9355/50, and Wednesday's fresh 3-week lows at 0.9328. To the upside, closest resistance shows at yesterday's double high 0.9414, followed by August 21 highs/Monday's lows 0.9460, and past Friday's/Monday's highs at 0.9519/28.
AUD/CAD downside risk remain
“AUD/CAD’s sell-off below short-term support (minor double top neckline) at 0.9355 yesterday reversed partially by the close and the market is consolidating (inside range) so far today,” said the TD Securities Toronto based FX Research Team, adding: “To a large degree, we think the technical “damage” has been done here so we would rather think downside risks (retest of the upper 0.91 area) remain.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session/August 22 lows 0.9376/72, followed by July 12/August 20-yesterday's lows at 0.9355/50, and Wednesday's fresh 3-week lows at 0.9328. To the upside, closest resistance shows at yesterday's double high 0.9414, followed by August 21 highs/Monday's lows 0.9460, and past Friday's/Monday's highs at 0.9519/28.