Trade of the Day: AUD/CAD

AUD/CAD falling inside the 15-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the above-average Initial Trend and Uniformity (6 bars) and strong Clarity (8 bars). AUD/CAD is expected to rise further inside this Down Channel.

As can be seen from the daily AUD/CAD chart below – the pair earlier reversed down from the resistance zone located between the key resistance level 0.8745, upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from the start of September. The proximity of this resistance area and the clear daily downtrend add to the probability AUD/CAD will continue to fall inside this Down Channel.