AUD/CAD 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the beginning of July AUD/CAD dropped below the 1.0000 mark; although, this decline stopped at 0.9939. Starting from there the pair has formed a double top pattern. The pair has reached the top around 1.0227 not only twice but already three times. Therefore, this could be perceived as a triple top pattern, yet it does not change the most likely outcome. Despite the 4H technical indicators being bullish we are sceptical on a further appreciation. To our mind the pair is likely to weaken towards the neckline at 1.0106, before falling even lower. The SWFX traders expect a decline as well, more than 73% of them see the pair as overbought.
© Dukascopy Bank SA
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