Trade of the Day: AUD/CAD

AUD/CAD continues to rise inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the medium Initial Trend and Uniformity (5 bars) and higher Clarity (6 bars). AUD/CAD is expected to rise further inside this Up Channel.

As can be seen from the weekly AUD/CAD chart below – the pair earlier reversed up from the powerful support level 0.5900 (which has been reversing the price April, forming two consecutive weekly Bullish Engulfing Japanese candlesticks reversal patterns previously). The proximity of this support level increases the probability AUD/CAD will continue to rise inside this Up Channel.