By: Dima Chernovolov
AUD/CAD continues to fall inside the well-formed Up Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Up Channel at the 9-bar level – which is the result of the sharp Initial Trend (10 bars) and maximum Uniformity and Clarity (both rated at the 10 bar level). AUD/CAD is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance zone shown below.
As can be seen from the daily AUD/CAD chart below, the price earlier broke through the resistance zone lying between the key resistance level 1.0100 (which reversed the price earlier this month) and the upper resistance trendline of the daily up channel from December. This price zone is acting as support area after it was broken. The proximity of this support zone increases the probability AUD/CAD will continue to rise inside this Up Channel.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com