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9 Oct 2013
AUD/CAD rebounds post-whipsaw from 0.9764 session lows
FXstreet.com (Chicago) - AUD/CAD rose to 4-month highs at Tokyo’s opening but failed to sustain performance plunging to 0.9764 session lows within minutes. Finding grounds, the pair attempts to consolidate above the 0.9770 zone.
Australian data
Weaker than expected Australian data may have triggered the pair’s decline from 4-month peaks with the Westpac consumer confidence results (October) at -2.1% vs. past 4.7%. The Westpac consumer confidence index was 108.3 vs. past 110.6 results.
AUD/CAD Technical Levels
Price action reveals the pair maintains the upward trendline originated last August 1st with a steeper upward trendline also intact since last September 26th. On long-term perspective, primary and secondary trends point up supported by short-term price action following the rhythm. Offered at 0.9777, the pair navigates between supports aligned at 0.9740 (September 18th highs), 0.9693 (October 4th lows) followed by 0.9652 (October 2nd lows) and the resistances aligned at 0.9796 (session highs), 0.9820 (June 1st highs) ahead of 0.9856 (May 30th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
Australian data
Weaker than expected Australian data may have triggered the pair’s decline from 4-month peaks with the Westpac consumer confidence results (October) at -2.1% vs. past 4.7%. The Westpac consumer confidence index was 108.3 vs. past 110.6 results.
AUD/CAD Technical Levels
Price action reveals the pair maintains the upward trendline originated last August 1st with a steeper upward trendline also intact since last September 26th. On long-term perspective, primary and secondary trends point up supported by short-term price action following the rhythm. Offered at 0.9777, the pair navigates between supports aligned at 0.9740 (September 18th highs), 0.9693 (October 4th lows) followed by 0.9652 (October 2nd lows) and the resistances aligned at 0.9796 (session highs), 0.9820 (June 1st highs) ahead of 0.9856 (May 30th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.