6 Sep 2013
AUD/CAD retracing below 0.96 ahead of Aussie elections
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9583 ahead of tomorrow's Australian elections, down -0.33% since previous Asia-Pacific open yesterday, but still a +2.26% higher for the week, retracing from Wednesday's fresh 7-week highs at 0.9644.
AUD/CAD finding trouble above 0.96
“AUD/CAD looked good yesterday and gains through the low/mid 0.95 area still give the AUD a better overall look on the short-term chart,” said the TD Securities Toronto based FX Research Team, adding: “But short-term pull-back resistance at 0.9628 is holding up the AUD advance and a quick-ish extension higher would be preferable to keep the recovery on track for the upper 0.97s (0.9769 as the 38.2% Fibonacci retracement derived from the 1.07/0.92 drop). An inside day today (so far) warns that that low 0.96 area may develop into something of a short-term hurdle for the cross at least, however.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at yesterday's lows 0.9568, followed by Tuesday's highs at 0.9559, and Wednesday's lows 0.9524. To the upside, closest resistance shows at recent session highs 0.9598, followed by NY session highs at 0.9606, and mentioned fresh 7-week Wednesday's highs at 0.9645.
AUD/CAD finding trouble above 0.96
“AUD/CAD looked good yesterday and gains through the low/mid 0.95 area still give the AUD a better overall look on the short-term chart,” said the TD Securities Toronto based FX Research Team, adding: “But short-term pull-back resistance at 0.9628 is holding up the AUD advance and a quick-ish extension higher would be preferable to keep the recovery on track for the upper 0.97s (0.9769 as the 38.2% Fibonacci retracement derived from the 1.07/0.92 drop). An inside day today (so far) warns that that low 0.96 area may develop into something of a short-term hurdle for the cross at least, however.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at yesterday's lows 0.9568, followed by Tuesday's highs at 0.9559, and Wednesday's lows 0.9524. To the upside, closest resistance shows at recent session highs 0.9598, followed by NY session highs at 0.9606, and mentioned fresh 7-week Wednesday's highs at 0.9645.