Trade of the Day: AUD/CAD

AUD/CAD continues to rise inside the 30-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (2 bars), average Uniformity (5 bars) and lower Clarity (3 bars). AUD/CAD is expected to rise further inside this Rising Wedge.

As can be seen from the weekly AUD/CAD chart below – the pair earlier reversed up from the support zone located between the powerful support level 0.8600 (which stopped the sharp weekly downtrend in 2022) standing near with the lower weekly Bollinger Band. The proximity of this support zone and the still oversold weekly Stochastic add to the probability AUD/CAD will continue rise inside this Rising Wedge.