Australian Dollar is trading generally lower after RBA easing announcement, including against other commodity currencies. AUD/CAD’s decline is one of the more apparent. Rebound from 0.9247 might be slightly stronger than expected. Yet, the cross is held comfortably below falling 55 day EMA, keeping near term outlook bearish. The corrective fall from 0.9696 should resume sooner or later as long as 0.9433 resistance holds. Break of 0.9247 will target 38.2% retracement of 0.8066 to 0.9696 at 0.9073.
AUD/NZD is holding in very tight range so far today. Downside momentum is somewhat diminishing, yet there is no sign of bottoming yet. As long as 1.0717 support turned resistance holds, further decline remains in favor. 1.0565 structural support is the key trend defining level. Strong rebound from there will keep the rally form 0.9994 intact, and retain the prospect of another rise through 1.1043 at a later stage. But Sustained break of 1.0565 will argue that such rise has completed. Deeper fall would be seen to 61.8% retracement of 0.9994 to 1.1043 at 1.0395 and below.
