AUD/CAD 4H Chart: Symmetrical Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The Australian Dollar is trading against the Canadian Dollar in a symmetrical triangle. Formation of this figure began after the Aussie depreciated by 171 basis points two weeks ago. Since this type of triangle is a neutral pattern, a breakout might equally occur in both directions. Due to the fact that the currency rate has already touched the boundaries of the formation five times, a breakout is expected to occur in the nearest future. It should be noted that the weekly PP at 1.0038 proved to be a sizeable barrier for the pair. Accordingly, the fall or surge of the rate most probably will be limited either by the weekly R1 at 1.0110, or the weekly S1 at 0.9972.

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