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20 Sep 2013
AUD/CAD retreats below 0.97 on Aussie weakness
FXstreet.com (Barcelona) - The AUD/CAD foreign exchange cross rate is last quoted at bids 0.9688 off recent session highs at 0.9699 with Chinese markets closed today in the Asia-Pacific for second consecutive day, ahead of BoJ Kuroda at 02:30 GMT.
AUD/CAD mild bid tone identified
“AUD/CAD moved a little higher yesterday and eased back modestly today, sustaining the mild bid tone to the cross we have identified recently,” said the TD Securities Toronto based FX Research Team, adding: “We look for the AUD to retain a better bid tone while the market remains above the pivotal 0.9535/45 support zone. Retracement resistance at 0.9768 is perhaps less significant that the 50% retracement point at 0.9950 which converges with the big technical breakdown point (2011/12 range lows) from May this year.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9680, followed by NY session lows at 0.9660, and Sept 10 highs at 0.9647. To the upside, closest resistance shows at recent session/Monday's highs 0.9698, followed by yesterday fresh 2-month highs at 0.9740, and June 27 highs at 0.9757.
AUD/CAD mild bid tone identified
“AUD/CAD moved a little higher yesterday and eased back modestly today, sustaining the mild bid tone to the cross we have identified recently,” said the TD Securities Toronto based FX Research Team, adding: “We look for the AUD to retain a better bid tone while the market remains above the pivotal 0.9535/45 support zone. Retracement resistance at 0.9768 is perhaps less significant that the 50% retracement point at 0.9950 which converges with the big technical breakdown point (2011/12 range lows) from May this year.”
AUD/CAD key technical levels
Immediate support to the downside for AUD/CAD lies at recent session lows 0.9680, followed by NY session lows at 0.9660, and Sept 10 highs at 0.9647. To the upside, closest resistance shows at recent session/Monday's highs 0.9698, followed by yesterday fresh 2-month highs at 0.9740, and June 27 highs at 0.9757.