Daily Forex Update: AUD/CAD
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.
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