AUD/CAD 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It is unlikely that we will see resumption of the recovery started in November of the previous year from 0.93. The currency pair has recently formed a descending triangle, which implies that supply is growing. And even though the weekly technical indicators are mostly bullish, the long-term moving average has already been broken to the down-side, adding to the arguments in favour of a sell-off, as a result of which the rate may decline back to the November low. The closest resistance for the Aussie is 0.9915, but the outlook will remain negative as long as the price is below parity, where the weekly R1 is joined by the 200-period SMA, five-week down-trend, and Jan 28 high.
© Dukascopy Bank SA
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