Daily Forex Update: AUD/CAD
By: Dima Chernovolov
AUD/CAD continues to fall inside the daily Down Channel which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 4-bar level – which is the result of the slow Initial Trend (one bar) and medium Uniformity and Clarity (both rated at the 5 bar level). AUD/CAD is expected to fall further inside this Down 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 price earlier reversed down from the resistance zone lying between the key resistance level 0.9930 (which reversed the price at the start of June), upper daily Bollinger Band and 50% Fibonacci retracement of the previous downward impulse (1) from March. The proximity of this resistance area increases the probability AUD/CAD will continue to fall inside this Down Channel.
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