AUD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the past 100 trading hours AUD/CAD price has been following two parallel falling trend-lines, meaning that it has formed a channel down pattern. However, while the lower boundary, currently at 0.9287, seems to be fairly reliable, being that it was tested on several occasions, the upper boundary may not be showing the most likely turning points in the future, even though it is reinforced by the long-term moving average. The reason is the price action from Jul 16 to Jul 23 that suggests a less sloped trend-line resistance that in the picture, in other words broadening wedge on an hourly chart of AUD/CAD rather than the bearish corridor.

© Dukascopy Bank SA
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