Trade of the Day: AUD/CAD

AUD/CAD rising inside the 4-hour Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which is the result of the average Initial Trend (5 bars) and significant Uniformity and higher Clarity (7 bars). AUD/CAD is expected to rise further inside this Falling Wedge.

As can be seen from the daily AUD/CAD chart below – the pair earlier reversed up from the support zone located between the key support level 0.8960 (which has been reversing the pair from last November) and the lower daily Bollinger Band. The proximity of this support zone adds to the probability AUD/CAD will continue to rise inside this Falling Wedge.