AUD/CAD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a gradual appreciation of the Australian Dollar relative to its Canadian counterpart in July the currency started to consolidate. During this phase the bears seem to have gained an upper hand, since every consecutive peak was lower than the previous one, while the sell-offs were always put to a halt near 1.01. Accordingly, there is a high possibility of a break-out to the downside. On the other hand, the latter level might prove to be difficult for the bears to push trough, considering that it is reinforced by the weekly S1 and 200-period SMA. Meanwhile, the technical indicators are largely silent, and a majority of the SWFX traders (70%) are currently holding short positions.
© Dukascopy Bank SA
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