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8 Oct 2013
AUD/CAD stretches higher close to 0.9730 zone
FXstreet.com (Chicago) - AUD/CAD stretches higher minutes prior to Tokyo’s opening and ahead of relevant Australian data indicative of the economic business sentiment in the country.
Expectations set high?
Ahead of Tokyo’s opening and the release of data in Australia, the pair stretches higher. The NAB will publish its business survey results. Sean Callow from Westpac stated earlier that “in last week’s statement, the RBA noted the recent rise in consumer and business sentiment but wasn’t sure whether this would persist." In Canada, housing data and trade balance results are due later in the day.
AUD/CAD Technical Levels
Price action reveals the extension of the upward trendline originated last July 30th. On bullish channel, the pair prints higher highs and lows consolidating last week’s impressive rally to start the month. A spike close to the 0.9760 zone indicates heavy buying confirmed by higher lows despite retracement to the 0.9720 zone. Offered at 0.9729, the pair oscillates between supports aligned at 0.9697 (September 28th highs), 0.9656 (October 2nd lows) followed by 0.9593 (September 13th lows) and the resistances set at 0.9762 (October 4th highs), 0.9818 (June 14th highs) followed by 0.9887 (May 30th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.
Expectations set high?
Ahead of Tokyo’s opening and the release of data in Australia, the pair stretches higher. The NAB will publish its business survey results. Sean Callow from Westpac stated earlier that “in last week’s statement, the RBA noted the recent rise in consumer and business sentiment but wasn’t sure whether this would persist." In Canada, housing data and trade balance results are due later in the day.
AUD/CAD Technical Levels
Price action reveals the extension of the upward trendline originated last July 30th. On bullish channel, the pair prints higher highs and lows consolidating last week’s impressive rally to start the month. A spike close to the 0.9760 zone indicates heavy buying confirmed by higher lows despite retracement to the 0.9720 zone. Offered at 0.9729, the pair oscillates between supports aligned at 0.9697 (September 28th highs), 0.9656 (October 2nd lows) followed by 0.9593 (September 13th lows) and the resistances set at 0.9762 (October 4th highs), 0.9818 (June 14th highs) followed by 0.9887 (May 30th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.