Back
4 Oct 2013
AUD/CAD aligned to strengthen? Stalled at 0.97
FXstreet.com (Chicago) - AUD/CAD stalls at exhaustion after recovery from session lows gaining back the 0.97 zone.
Data and Speculations
Ahead of Ivey purchasing managers index due Friday at 14 GMT, Canadian stocks remain in red on US budget concern (October 19th being the deadline) and the impossibility for democrats and republicans to work collectively. In Australia, earlier data, notably the RBA decision to maintain 2.5% interest rates, continues making headlines. According to ForexLive reporting, Westpac’s Bill Evans feels less strongly for the country’s economy with GDP growth for the nation and the world at 2.5% and 3% vs. the RBA’s at 3% and 4%.
AUD/CAD Technical Levels
Price action reveals a strong resistance around 0.9725 limits as pair has been pulled down several times after reaching those levels. Backed up by primary and secondary trends the short-term rhythm points up. The upward trendline from last July 30th is still intact despite trading range since last September 18th. After the violation of the short-term downward trendline after then and the rally on October 1st, the pair is offered at 0.9704 and oscillates between the supports aligned at 0.9677 (September 13th highs), 0.9645 (September 20th lows) ahead of 0.96 (September 9th highs) and the resistances set at 0.9725 (October 1st highs), 09750 (June 15th highs) followed by 0.9786 (June 20th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
Data and Speculations
Ahead of Ivey purchasing managers index due Friday at 14 GMT, Canadian stocks remain in red on US budget concern (October 19th being the deadline) and the impossibility for democrats and republicans to work collectively. In Australia, earlier data, notably the RBA decision to maintain 2.5% interest rates, continues making headlines. According to ForexLive reporting, Westpac’s Bill Evans feels less strongly for the country’s economy with GDP growth for the nation and the world at 2.5% and 3% vs. the RBA’s at 3% and 4%.
AUD/CAD Technical Levels
Price action reveals a strong resistance around 0.9725 limits as pair has been pulled down several times after reaching those levels. Backed up by primary and secondary trends the short-term rhythm points up. The upward trendline from last July 30th is still intact despite trading range since last September 18th. After the violation of the short-term downward trendline after then and the rally on October 1st, the pair is offered at 0.9704 and oscillates between the supports aligned at 0.9677 (September 13th highs), 0.9645 (September 20th lows) ahead of 0.96 (September 9th highs) and the resistances set at 0.9725 (October 1st highs), 09750 (June 15th highs) followed by 0.9786 (June 20th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.