The euro managed to get a close over the 1.31 for the week... this moves our bias towards a test of 1.34 mark which is where the 200 DMA which is within the lower trend line coming down from May 2012. From this point we expect to see failure and pull back towards 1.32
The USDCAD is falling and we are expecting to see it hold under 1.024 till a bounce from 1.0147 comes...
A test of 1.32 is due.... with what we believe will be another failure.
We are in this pair from 2.55 so looking longer term and we are bias all the way to +8.00
If this is the bottom of the AUDUSD current down trend, we believe that it is going to be hard work for the pair to get back to 0.977 territory. Note that we have the RBA tomorrow and that consensus is no change.
Need to see the 30 DMA maintain support... new targets are $4.50 and $5.40