Daily Forex Update: AUD/CAD
By: Dima Chernovolov
AUD/CAD continues to decline following the earlier breakout of the clear Rising Wedge chart pattern which was previously identified by Autochartist on the daily charts. The overall quality of this chart pattern is measured at the 5-bar level – which is the result of the low Initial Trend (3 bars), average Uniformity (5 bars) and higher Clarity (6 bars). AUD/CAD is likely to fall to the Forecast Price 0.9804 in the nearest time.
As can be seen from the weekly AUD/CAD chart below – the top of this Rising Wedge formed when the pair reversed down from the powerful resistance zone lying between the long-term resistance level 1.0070 (which has been steadily reversing the price from 2015) and the upper weekly Bollinger Band. The proximity of this resistance zone adds to the probability of further losses for this currency pair.
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