With no economic releases in Australia today, investor sentiment would be governed by global macroeconomic factors. This morning, the pair traded at a high of 0.7580 and a low of 0.7534. In the long-term, we are waiting for further signs that the current downtrend is ending. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295
There is a possible short in this pair considering that in time chart the price has fallen below the cloud, however, we must monitor the behavior against the EMA 200. A Fibonacci retracement of 23% is foreseen, but considering that the Tenkan Sen is flat before this level, has been set as the target 0.76043
Talking Point: Technical Strategy: Turning Bearish Elliottwave View: Expecting completion of wave (C) of c. Analysis AUDCAD was trading sideway from Aug-2013. We were seen May-2015 a declined again but unable to takeout Aug-2013 low in impulse manner. We experienced a bounce from 9170 area in May-2015. However, upside was corrective and can be counted as flat ...
The near-term series of higher highs & lows inAUD/USDmay gather pace next week as the Reserve Bank of Australia (RBA) is widely anticipated to retain its current policy in September, while the regions 2Q Gross Domestic Product (GDP) report is projected to highlight the fastest pace of growth since 2012.