AUD/CAD 30M Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After setting a two week high at 1.0095, AUD/CAD sipped slowly and entered a consolidation phase inside of a symmetrical triangle. The pair has just broken the bottom trend-line of the triangle at 0.9891 and has extended a steep dive, which could require a consolidation. We will look for a retracement around 0.9893 which could be stalled by 0.9884 before the boundary is reached. A mitigation of downside volatility will be essential for the retracement, and should lead to a close of the current candle above the bottom Bollinger Band of 9869.
© Dukascopy Bank SA
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Tue, 06 Dec 2016 15:47:04 GMT

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