AUD/CAD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The situation in the four-hour chart of AUD/CAD is ambivalent. From one side, the pair is forming a descending triangle, from another—a symmetrical one, and both patterns imply different scenarios. Thus, we focus on two key levels: on parity from above and on 0.9850 from below. In case the former is breached, the outlook will become bullish with the first target at 1.0090/75, followed by the last year's peak at 1.0170. On the other hand, if the bears manage to push the price beneath 0.9850, the outlook will become bearish, and in the medium term we will expect the rate to descend down to the trend-line at 0.9550, which was formed in 2015 during the Sep-Nov period.
© Dukascopy Bank SA
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