Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD recently broke the well-formed Down Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Down Channel at the 9-bar level – which reflects the strong Initial Trend (8 bars), above-average Uniformity (7 bars) and near-maximum Clarity (9 bars). Autochartist rates the strength of this breakout at the maximum, 10-bar level – which adds to the probability the pair will soon reach the forecast price 1.0078. 

AUDCAD

As can be seen from the PowerStats chart below, Autochartist also recently identified the Key Resistance level 1.0110 (of the type Approach) on the 4-hour charts – which stands above the aforementioned forecast price 1.0078. Two different-type chart patterns aligned in one direction heighten the probability AUD/CAD will continue to rise toward the forecast price 1.0078.

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