AUD/CAD 4H Chart: Broadening Ascending Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the Aussie gains strength against other major currencies, it has formed a broadening ascending wedge pattern against the Canadian Dollar. At the moment, the currency exchange rate has recently rebounded against the pattern's lower trend line at 0.9762, and now the rate is located at 0.9810 on a path northwards. On its way up the pair faces various resistances, as the pattern's upper trend line is located far above, 300 pips above, at 1.0081. Among these resistances are the weekly PP, R1 and R2 respectively at 0.9867, 0.9938 and 1.0042. In addition, on the rates path are located the monthly R2 at 0.9967 and the 55-period SMA at 0.9840. Daily aggregate technical indicators support a surge of the pair today.
© Dukascopy Bank SA
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