9 Aug 2013
Flash: AUD/NZD bearishness on the horizon – TD Securities
FXstreet.com (New York) - The TD Securities Team postulates the outlook of the AUD/CAD.
Key quotes
“The AUD/CAD’s stabilization has extended, putting the cross right on the screws of the late July triangle breakdown (now resistance), which is converging with the June/July, trend resistance at 0.9450.”
“If the rebound is going to stall and retain a corrective attitude, this would be a good place. Short-term trend momentum oscillators have moved back to bullish or neutral from bearish, helping relieve the pressure on the AUD but we still think the broader trend here is lower. We retain a target of 0.91 (resulting from the 1.07/0.99 double top breakdown in May).”
Key quotes
“The AUD/CAD’s stabilization has extended, putting the cross right on the screws of the late July triangle breakdown (now resistance), which is converging with the June/July, trend resistance at 0.9450.”
“If the rebound is going to stall and retain a corrective attitude, this would be a good place. Short-term trend momentum oscillators have moved back to bullish or neutral from bearish, helping relieve the pressure on the AUD but we still think the broader trend here is lower. We retain a target of 0.91 (resulting from the 1.07/0.99 double top breakdown in May).”