Indicators: RSI, Volatility, Volume, HMM
Key price levels : 0.9930 - 1.000 - 1.03001
Weekly Charts pattern : Bearish triangle , rectangle trendless W1 Chart.
AUD/CAD is moving in a bearish dynamics delimited by the resistance at 1.03001 and the support zone at 0.9930. The chart analysis support the bearish bias that can integrated also also with by the volume dynamics and the RSI indicator. The Hidden Markov Model Indicator is compatible with a slightly bearish regime.
The D1 scale indicates that AUD/CAD is in the key support area at 0.99 possible level of retracement. This can lead to a possible retracement and a slightly bearish dynamics. There is the possibility of a channel figure pattern with the 1.0002 key level price. The Hidden Markov Model Indicator is compatible with a no bias regime.
To give an evaluation of the possible movements of the cross it is utilized the Hidden Markov indicator techniques.
With the combination of the price lines and the stochastic Hidden Markov Processes are indicated two possible forecast value.
- The forecast value in the bullish is valued at 1.008
- The forecast is valued in the no bias regime is identified at 1.0002 price level
Considering the slope of the trends, the key level price and the possible retracement the forecast price level can be indicated as 1.0002.
Figure 1 describes in a W1 chart the channel formation with the key price levels.
Figure 2 exhibits the hypothetical path and the forecast value