Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues fall rise inside the clear daily Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (3 bars), low Uniformity (2 bars) and near-maximum Clarity (9 bars). AUD/CAD is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the resistance area shown below.

As can be seen from the daily AUD/CAD chart below, the price earlier reversed down with the daily Shooting Star from the resistance zone lying between the key resistance level 0.9680 (former support from June and July), and the former support trendline from May (acting as resistance after it was broken recently). The proximity of this resistance zone increases the AUD/CAD will continue to fall inside this Down Channel.

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