Daily Forex Update: AUD/CAD
By: Dima Chernovolov
AUD/CAD continues to rise inside the clear daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), average Uniformity (5 bars) and strong Clarity (8 bars). AUD/CAD is expected to rise further inside this Up Channel – in line with the earlier breakout of the combined resistance area shown below.
As can be seen from the daily AUD/CAD chart below, the price today broke through the combined resistance area lying between the pivotal resistance level 0.9650 and the 61.8% Fibonacci correction of the previous sharp downward impulse form June. This price area is acting as a strong support zone after it was broken. The proximity of this support zone increases the probability AUD/CAD will continue to rise inside this Up Channel.
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