Daily Forex Update: AUD/CAD
By: Dima Chernovolov
AUD/CAD continues to rise inside the clear Triangle chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slow Initial Trend (3 bars), below-average Uniformity (4 bars) and substantial Clarity (8 bars). AUD/CAD is expected to rise further inside this Triangle – in line with the earlier upward reversal from the powerful support area shown below.
As can be seen from the weekly AUD/CAD chart below, the price earlier reversed up from the strong support area lying between the long-term support level 0.9600 (which stopped the sharp downtrend at the end of 2016) and the lower weekly Bollinger Band. The proximity of this support area and the oversold weekly Stochastic add to the probability AUD/CAD will continue to rise inside this Triangle.
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