AUD/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although right now the Aussie is following a bullish trend, the rally's prospects are not bright. The reason is the falling resistance trend-line that connects August and September highs. Consequently, the base scenario is a failure at 0.9440 and a subsequent sell-off beyond the lower boundary of the bullish channel. In case AUD/CAD closes above 0.9440 against all odds, the new target will be last month's peak at 0.9522. At the same time, a breach of the trend-line at 0.9340 will imply an extension of a decline back to the Sep 24 low at 0.9270. Meanwhile, the SWFX traders' sentiment is neutral, as the difference between the share of bulls (55%) and bears (45%) does exceed 10 percentage points.
© Dukascopy Bank SA
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