Trade of the Day: AUD/CAD

AUD/CAD continues to rise inside the daily Down Channel chart pattern, which was recently identified by Autochartist. Autochartist measures the quality of this Down Channel at the 9-bar level – which is the result of the sharp Initial Trend (10 bars), significant Uniformity (7 bars) and strong Clarity (9 bars). AUD/CAD is expected to rise further inside this Down Channel.

As can be seen from the weekly AUD/CAD chart below – the pair earlier reversed up from the support zone located between the key support level 0.8800 (former strong support from the middle of 2022) and the lower weekly Bollinger Band. The proximity of this support zone and the oversold weekly Stochastic increase the probability AUD/CAD will continue to rise inside this Down Channel.