17 Feb 2015
AUD/CAD break below 0.9588 might trigger further gains in CAD – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team comments on the recent price movements and gives the technical outlook for AUD/CAD.
Key Quotes
“After touching the resistance line at 1.0340, the currency pair experienced a downward movement and fell to a level around 0.9406 which was strong enough to pretend the pair from further losses. At this level the pair recovered and we saw a significant increase of the AUD.”
“At the moment we observe an appreciation of the CAD versus the AUD but it remains to be seen when a reversal may occur.”
“Should the pair be able to break through the first support level at 0.9588, additional gains of the CAD may be the consequence.”
“Support Levels around 0.9588, 0.9406”
“Resistance Levels around 0.9740, 0.9962, 1.0283”
Key Quotes
“After touching the resistance line at 1.0340, the currency pair experienced a downward movement and fell to a level around 0.9406 which was strong enough to pretend the pair from further losses. At this level the pair recovered and we saw a significant increase of the AUD.”
“At the moment we observe an appreciation of the CAD versus the AUD but it remains to be seen when a reversal may occur.”
“Should the pair be able to break through the first support level at 0.9588, additional gains of the CAD may be the consequence.”
“Support Levels around 0.9588, 0.9406”
“Resistance Levels around 0.9740, 0.9962, 1.0283”