AUD/CAD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD seems to have an intension to come back to a 217-bar long channel up pattern it exited several hours earlier. In particular, the pair dived below the formation's support line nine hours earlier but the 200-hour SMA at 1.0048 contained the decline and gave the pair's an impulse for a climb. Now the instrument is sitting just below the 50-hour SMA at 1.0064 that coupled with the daily pivot point at 1.0066 represents the last obstacle for the instrument's return to the bullish corridor. Considering that circa two-thirds of traders on the SWFX are bullish the pair may indeed re-enter the pattern and continue its upswing.
© Dukascopy Bank SA
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