Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to rise inside the clear Falling Wedge chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which reflects the average Initial Trend (5 bars), higher Uniformity (6 bars) and strong Clarity (8 bars). AUD/CAD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the key support area shown below.

As can be seen from the daily AUD/CAD chart below, the bottom of this Falling Wedge formed when the pair reversed up from the support area lying between the major support level 0.9590 (which stopped the sharp downtrend in May) and the lower daily Bollinger Band. The proximity of this support area increases the probability AUD/CAD will continue to rise inside this Falling Wedge.

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