Daily Currency Outlook: USD/CAD And AUD/USD : May 08,2018

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2847; (P) 1.2872; (R1) 1.2907;

USD/CAD is still bounded in range below 1.2913 temporary top and intraday bias stays neutral. As long as 1.2748 minor support holds, further rise is expected. Break of 1.2913 will target a test on 1.3124 high next. Though, break of 1.2748 will turn focus back to 1.2526 support instead.

USD/CAD 4 Hour Chart

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

USD/CAD Daily Chart

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7492; (P) 0.7517; (R1) 0.7542;

AUD/USD is staying in consolidation above 0.7472 temporary low. With 0.7583 minor resistance intact, recent decline should resume sooner rather than later. Below 0.7472 and sustained break of 0.7500 will indicate medium term reversal and target next support at 0.7328. However, break of 0.7583 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. And stronger rebound could be seen back to 38.2% retracement of 0.8135 to 0.7472 at 0.7725 and possibly above.

AUD/USD 4 Hour Chart

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Decisive break of 0.7500 key support will suggest that such correction is completed. In that case, deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.

AUD/USD Daily Chart

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