Daily Forex Update: AUD/CAD
By: Dima Chernovolov
AUD/CAD recently broke the 4-hour Triangle which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slow Initial Trend and Uniformity (rate at the 2 and 3 bar levels respectively) and medium Clarity (5 bars). CAD is expected to rise toward the forecast price 0.9516 – in line with the earlier sharp upward reversal from the key support area shown below.
As can be seen from the daily AUD/CAD chart below, the price recently reversed up from the support area lying between the major, long-term support level 0.9330 (which stopped the sharp downward impulse in April) and the lower daily Bollinger Band. The proximity of this support area and the oversold daily Stochastic increase the probability AUD/CAD will continue to rise toward the forecast price 0.9516.
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