Friday, April 14, 2017 9:10:44 AM
AUD/CAD: review and forecast
The upward trend of the AUDCAD chart, which steadily continued amid decreasing of oil prices and other factors, is in the risk to be completed. Rising of oil prices and strengthening the USD allowed the canadian currency to strengthened amid disappointing statistics on the economy of Australia. The support line has been broken and greatly displaced down. So, now we can see that the downtrend is formed, though it's early to talk that current upward trend is over. It can be restored next week. Australian currency may take again the initiative, considering that in the near future, the market is not expected any important data on the canadian economy.
At the same time, next week, we expect important information from China and New Zealand, which may impact the value of the Australian currency, as Australia is a leading trade partner of these two countries. Yesterday, the AUD has increased significantly during 1 day - with 0,997 - up to 1,008 CAD thanks to latest information about economy of China, where in March, exports grew 16.4% year-on-year, and imports by 20%. In particular, imports from Australia grew by 74.8%. Also, positively impacted the strengthening of the Australian dollar, strong statistics on a labour market - recent report of the Australian Bureau of statistics show "the employment change" indicator was 60.9 K, against predicted 3 times less 20.
Today, we can't expect some volatility on the market because of Easter's holiday in Australia and Canada. So the the rates of the AUD/CAD probably will come to consolidation phase, but in Monday trading will be more active and probability of a price correction will increase. Oscillators give mixed signals, but in the current situation, low volatility in the market, we can pay attention to the entry points 1,0072 and 1,0085. At the moment, upon medium-term trading, we'd recommend to open the deals to SELL, trusting the Stochastics oscillator.
Read more at https://superforex.com/analytics
The upward trend of the AUDCAD chart, which steadily continued amid decreasing of oil prices and other factors, is in the risk to be completed. Rising of oil prices and strengthening the USD allowed the canadian currency to strengthened amid disappointing statistics on the economy of Australia. The support line has been broken and greatly displaced down. So, now we can see that the downtrend is formed, though it's early to talk that current upward trend is over. It can be restored next week. Australian currency may take again the initiative, considering that in the near future, the market is not expected any important data on the canadian economy.
At the same time, next week, we expect important information from China and New Zealand, which may impact the value of the Australian currency, as Australia is a leading trade partner of these two countries. Yesterday, the AUD has increased significantly during 1 day - with 0,997 - up to 1,008 CAD thanks to latest information about economy of China, where in March, exports grew 16.4% year-on-year, and imports by 20%. In particular, imports from Australia grew by 74.8%. Also, positively impacted the strengthening of the Australian dollar, strong statistics on a labour market - recent report of the Australian Bureau of statistics show "the employment change" indicator was 60.9 K, against predicted 3 times less 20.
Today, we can't expect some volatility on the market because of Easter's holiday in Australia and Canada. So the the rates of the AUD/CAD probably will come to consolidation phase, but in Monday trading will be more active and probability of a price correction will increase. Oscillators give mixed signals, but in the current situation, low volatility in the market, we can pay attention to the entry points 1,0072 and 1,0085. At the moment, upon medium-term trading, we'd recommend to open the deals to SELL, trusting the Stochastics oscillator.
Read more at https://superforex.com/analytics
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