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9 Sep 2013
AUD/CAD capped below 0.9600 after elections in Australia
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9561 unchanged for the day so far off recent session highs at 0.9600 following changing government in Australia after this weekend elections.
AUD/CAD underlying bullish bias can extend
“AUD/CAD formed an inside range session late last week, stalling the nascent rally in the cross after the market pushed through resistance in the low 0.95 area,” said the TD Securities Toronto based FX Research Team, adding: “Modest losses have put the low 0.95 area (now support) under a little pressure. The market has formed a short-term top around noted pull-back resistance at 0.9635—possibly the top of a rising channel or bear flag. The underlying bullish bias can extend—providing support around 0.94 holds from here.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at Friday's lows 0.9534, followed by August 19/26 highs at 0.9529, and past Wednesday's lows at 0.9524. To the upside, closest resistance shows at recent session/Friday's highs 0.9600, followed by Thursday's fresh 7-week highs at 0.9642, and July 17 highs at 0.9660.
AUD/CAD underlying bullish bias can extend
“AUD/CAD formed an inside range session late last week, stalling the nascent rally in the cross after the market pushed through resistance in the low 0.95 area,” said the TD Securities Toronto based FX Research Team, adding: “Modest losses have put the low 0.95 area (now support) under a little pressure. The market has formed a short-term top around noted pull-back resistance at 0.9635—possibly the top of a rising channel or bear flag. The underlying bullish bias can extend—providing support around 0.94 holds from here.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at Friday's lows 0.9534, followed by August 19/26 highs at 0.9529, and past Wednesday's lows at 0.9524. To the upside, closest resistance shows at recent session/Friday's highs 0.9600, followed by Thursday's fresh 7-week highs at 0.9642, and July 17 highs at 0.9660.