AUD/CAD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Almost 200-bar long rising wedge was formed by AUD/CAD on January 23. Though the pair is far away from the climax point and the breakout is unlikely to happen any time soon, the price is approaching a parity level that is always posing significant difficulties for bulls. Technical indicators on a 4H chart are suggesting the pair will move back to pattern's support, however, as it is also backed by a 200-period SMA, the movement below 0.9900 is unlikely. Moreover, aggregate indicators on a daily chart are pointing at further appreciation of the Aussie versus the loonie. The best way is to wait until the touch of the support line and then, a move above parity will put 1.0069 on the map.
© Dukascopy Bank SA
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