FXstreet.com (Barcelona) - AUD/CAD has been a falling knife over the past few weeks. According to Greg Moore, FX Strategist at TDS, "the broader direction here is likely to remain lower for longer, although in the short-term there is the chance of a small rebound in the AUD to relieve oversold conditions on the short-term chart."
However, Greg expects "gains to remain limited to the mid/upper 1.02 area", adding that "the 1.0280 level is the neckline trigger of a Head & Shoulders top that points to ongoing downside pressure to the measured move target of 0.9980." TDS analyst thinks short-term AUD gains through the 1.02 area should be a sell.
However, Greg expects "gains to remain limited to the mid/upper 1.02 area", adding that "the 1.0280 level is the neckline trigger of a Head & Shoulders top that points to ongoing downside pressure to the measured move target of 0.9980." TDS analyst thinks short-term AUD gains through the 1.02 area should be a sell.
