AUD/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair got impetus after it broke through its 200-hour SMA on September 13 and started to form the channel up pattern. Since then, the pair managed to attain a three-month high of 0.9741; however, a rally to this level exhausted AUD/CAD that failed to get a foothold at this level and declined to 0.9712 (four-hour PP). The overall outlook on the pair seems gloomy as 60% of the market players bet on the depreciation of AUD/CAD. If these expectations materialized, the pair would cross its daily pivot point at 0.9695 and would continue moving to the south until reaching a formidable support zone at 0.9674 (pattern's support) that may block a further decline.
© Dukascopy Bank SA
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