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AUD/CAD has formed a Triple Bottom pattern on 1H chart. The pattern has 60% quality and 100% magnitude in the 144-bar period.
The pattern started when the pair started to depreciate from 1.0453 on 23rd of August. Pattern's resistance is at 1.0263.
Technical indicators point at appreciation of the pair on 1H time horizon. Long traders could set their targets at daily pivot (R1) at 1.0242, pattern's top (30th of August) at 1.0258, pattern's resistance at 1.0263, 29th of August high/Fibonacci retracement (23.6% of move from 23rd to 28th of August) at 1.0267/68 and daily pivot (R2) at 1.0277.
Technical indicators on aggregate point at depreciation of the pair on 1D time horizon suggesting that the pair might rebound from pattern's resistance and go in to Rectangle or Channel pattern. The SWFX market sentiment shows that currently 59% of all traders hold short positions. Short traders should set their targets at daily pivot (PP)/pattern's bottom (30th of August) at 1.0223/20 and pattern bottoms at 1.0215 (28th of August) and 1.0204 (30th of August).
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