More from FXstreet.com

Forex: AUD/CAD forms bullish Hikakke after bounce from key Fibo support

By FXstreet.com,  April 16, 2012, 02:13:00 PM EDT

FXstreet.com (San Francisco) - AUD/CAD was lower to start the week on Monday, sliding to a 3-day low of 1.0308 where it encountered heavy buying interest before bouncing back to levels above its starting price and has since regained the upside, climbing to a fresh daily high of 1.0375 during the New York session. At current prices, the cross is recording a 0.3% gain on the day, up from 1.0348 late Friday.

Worthy of note, should AUD/CAD manage to end the global trading day at current levels, a bullish Hikakke formation will materialize, a false-break pattern which, as a general rule in technical analysis, signals that buyers are primed to extend the recent bounce from key Fibonacci support in the 23.6% retracement level of the 0.8577/1.0781 advance. If the cross pushes higher in the week ahead, resistance is noted in the 1.0445 area, then at 1.0485 (19 Jan high). To the downside, support is noted at 1.0342 (the 50% retracement of the current daily range), then at 1.0335 (the 61.8% retracement of the mentioned range).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



Latest News Video



Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.21 0.10  0.75%
HPQ $ 24.86 3.63  17.10%
SIRI $ 3.545 0.01  0.28%
MU $ 11.39 0.47  4.30%
MSFT $ 34.15 0.46  1.33%
F $ 14.81 0.16  1.07%
QQQ $ 73.45 0.17  0.23%
GE $ 23.66 0.20  0.84%