USD/CAD Daily Outlook
Daily Pivots: (S1) 1.3316; (P) 1.3358; (R1) 1.3393;
Intraday bias in USD/CAD remains neutral at this point. Consolidation from 1.3444 is still in progress and could extend further. But after all, near term outlook remains bullish as long as 1.3160 support holds, and further rise is expected. On the upside, break of 1.3444 will turn bias back to the upside. Larger rally from 1.2061 should target 1.3685 fibonacci level next.
In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will remain the preferred case as long as channel support (now at 1.2949) holds.
AUD/USD Daily Outlook
Daily Pivots: (S1) 0.7199; (P) 0.7219; (R1) 0.7239;
Intraday bias in AUD/USD remains neutral and another decline is mildly in favor with 0.7259 minor resistance intact. Decisive break of 1.7199 support will suggest that the corrective rebound from 0.7020 has completed earlier than expected. Deeper fall should then be seen back to retest 0.7020 low. On the upside, above 0.7259 minor resistance will turn bias back to the upside. In that case, corrective rise from 0.7020 would extend to 38.2% retracement of 0.8135 to 0.7020 at 0.7446 before completion.
In the bigger picture, a medium term bottom is in place at 0.7020 ahead of 0.6826 key support (2016 low). Stronger rebound might be seen to correct the whole fall from 0.8135 high. But we’d expect strong resistance from 0.7500 support turned resistance to limit upside. Medium term fall from 0.8135 should resume and extend to take on 0.6826 low at a later stage, after the correction from 0.7020 completes.
