FXstreet.com (San Francisco) - AUD/CAD extended its decline to fresh 3-week lows today, pushing below 55-day EMA support at 1.0415 to slide as low as 1.0397.
The cross is last quoted down 0.3% on the day at 1.0405, where it consolidates ahead of the closing bell in New York. Daily RSI is valued at 38 and has not yet arrived at oversold levels, suggesting there may be room to run before bulls attempt corrective rallies.
Technically speaking, “Weak price action around the 1.06 level – daily and weekly bearish reversals formed last week – suggest to us the strong likelihood of an extended correction in AUD/CAD,” comments TD Securities. We look for a move on to a 1.02 handle at least from here.”
The cross is last quoted down 0.3% on the day at 1.0405, where it consolidates ahead of the closing bell in New York. Daily RSI is valued at 38 and has not yet arrived at oversold levels, suggesting there may be room to run before bulls attempt corrective rallies.
Technically speaking, “Weak price action around the 1.06 level – daily and weekly bearish reversals formed last week – suggest to us the strong likelihood of an extended correction in AUD/CAD,” comments TD Securities. We look for a move on to a 1.02 handle at least from here.”
