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Long term momentum is clearly negative for AUD/CAD – Westpac

FXStreet (Barcelona) - The Research Team at Westpac targets 0.9600/50 in the interim for the AUD/CAD pair as the long term momentum re-establishes a negative bias since mid-year.

Key Quotes

“AUDCAD has revolved around a major pivot at 0.9950/1.0050 since 2011. Rejections of this level have led to material directional moves away from the pivot.”

“Tests of this pivot in October / November have produced a similar rejection.”

“LT momentum is clearly negative, having re-established a negative bias since mid-year.”

“MACD highlights a re-emergence of a LT downtrend bias.”

“We hold an interim target of 0.9600/50 with risk to 0.9400/50.”

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