Daily Currency Outlook: AUD/USD And USD/CAD : November 07,2018

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7217; (P) 0.7232; (R1) 0.7260;

AUD/USD’s rebound from 0.7020 resumes by taking out 0.7258. Intraday bias is back on the upside for 0.7314 resistance. Current development argues that a medium term bottom might be in place at 0.7020. Firm break of 0.7314 will confirm this bullish case and target 38.2% retracement of 0.8135 to 0.7020 at 0.7446 next. However, on the downside, break of 0.7159 will turn focus back to 0.7020 low instead.


In the bigger picture, as long as 0.7314 resistance holds, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). However, firm break of 0.7314 will suggest that whole decline from 0.8135 has completed. And, the corrective pattern from 0.6826 (2016 low) is extending with another rising leg towards 0.8135 before completion.


USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3103; (P) 1.3124; (R1) 1.3147;

Intraday bias in USD/CAD remains neutral as consolidation continues in range of 1.3048/3170. On the upside, break of 1.3170 target 1.3225 key near term resistance. Break will confirm completion of choppy fall from 1.3385 and target a retest on this high. Though, break of 1.3048 will turn focus to 1.2969 support. Firm break there will indicate completion of whole rebound from 1.2781. In that case, whole fall from 1.3385 might extend through 1.2781 support before completion.


In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.


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