Daily Forex Update: AUD/CAD
By: Dima Chernovolov
AUD/CAD recently reversed down from the top of the hourly Up Channel chart pattern which recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and medium Clarity (5 bars). CAD/CHF is expected to fall further inside this Up Channel – in line with the earlier downward reversal from the resistance zone shown below.
As can be seen from the daily AUD/CAD chart below, the top of this Up Channel formed near the the resistance zone lying between the parity (which also reversed the price in last July), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from March. The proximity of this resistance zone and the overbought reading on the daily Stochastic and RSI increase the probability AUD/CAD will continue to fall inside this Up Channel.
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