Technicals - Aud/cad Retracement Phase Threatened

Technicals - Aud/cad Retracement Phase Threatened


Quotes from RBC Capital Markets:
-AUD/CAD commenced a retracement phase after forming a triple bottom at 0.9984. Although the recent break above trend line resistance at 1.0128 has maintained the retracement in place, the daily studies have pushed into overbought territory and are threatening to stall the progression of the move higher.
-Rallies through the June 7 high at 1.0245 toward the May high at 1.0302 are expected to attract selling interest in this regard, seeking a test of 1.0128, which now serves as initial support.
-A daily close below this level would then expose 1.0091 in short order, ahead of the triple bottom at 0.9984. We note that prices must register a daily close above the 200-day moving average at 1.0356 in order to produce a full fledged bullish trend reversal in the cross.


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