Daily Forex Update: AUD/CAD
By: Dima Chernovolov
AUD/CAD continues to rise inside the clear Rising Wedge chart pattern which was recently identified by Autochartist on the 15-minute charts. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and maximum Clarity (10 bars). AUD/CAD is expected to rise further inside this chart patter – in line with the earlier upward reversal from the major support area shown below.
As can be seen from the daily AUD/CAD chart below, the bottom of this Rising Wedge formed when the pair reversed up from the powerful support area lying between pivotal support level 0.9700 (which has been reversing the price from September) and the lower daily Bollinger Band. The proximity of this support area and the oversold reading on the daily Stochastic increase the probability AUD/CAD will continue to rise inside this Rising Wedge.
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