Select the account you'd like to open

FX analysis

FX Technical: AUD/CAD has evolved into a short-term uptrend

Australian dollar

Short-term technical analysis (1 to 3 weeks)

(click to enlarge chart)

Time-stamped: 8 Aug 2022 at 5:00pm SGT

Source: CMC Markets

Key Levels (1-3 weeks – AUD/CAD)

Intermediate support: 0.8940

Pivot (key support): 0.8855

Resistances: 0.9025, 0.9125/9170 & 0.9300/9330

Next support: 0.8745

Directional Bias (1-3 weeks – AUD/CAD)

The price actions of the AUD/CAD cross pair have staged a bullish breakout from its former medium-term descending trendline that has capped prior up moves since the 5 April 2022 high of 0.95160.

Bullish bias above the 0.8855 key medium-term pivotal support for a further potential push-up to retest the recent 2 August 2022 swing high area of 0.9025. A break above it reinforces a medium-term (multi-week) bullish impulsive sequence towards the next resistance at 0.9215/9170 in the first step.

On the other hand, a break with a 4-hour close below 0.8855 negates the bullish tone for a slide back to retest the major support of 0.8745.

Key elements (AUD/CAD)

  • The price actions of AUD/CAD have started to oscillate within a short-term ascending channel since the 13 July 2022 low of 0.8735.
  • The upper boundary of the short-term ascending channel will act as resistance at 0.9125/9170 in the coming weeks, which also confluences with the range top from 27 May/3 June/17 June 2022 and a cluster of Fibonacci retracement/expansion levels.
  • Short-term upside momentum has turned positive as indicated by the 4-hour RSI oscillator, which has managed to stage a bounce right above its corresponding critical ascending support today, 8 August. It has not reached an extreme overbought level.


Disclaimer: CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.

Sign up for market update emails