By: Dima Chernovolov

AUD/CAD continues to rise inside the hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which reflects the below-average significant Initial Trend (4 bars), lower Uniformity (3 bars) and strong Clarity (9 bars). AUD/CAD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the powerful support zone shown below.

As can be seen from the daily AUD/CAD below, the pair recently reversed up sharply with the daily Japanese candlesticks reversal pattern Hammer from the powerful support zone located between the key support level 0.9120 (which reversed the previous downtrend in October) and the lower daily Bollinger Band. The proximity of this support zone adds to the probability AUD/CAD will continue to rise inside this Up Channel.

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

 

1 Likes
442 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.