AUD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After losing value constantly since the beginning of this working week, it seems that the Australian Dollar has found strong demand around 0.95, both in face of pattern's support and daily S1. For now, a halfway towards the upper trend-line is already covered, and it is expected that the Aussie will continue hovering to the upside in the near and medium-term. Hourly technical indicators are giving signals to buy the South-Pacific currency. However, in the mid-term they estimate a reversal, meaning that the pair will most probably respect boundaries of the channel down pattern. Meanwhile, market is almost equally divided between longs and shorts, with a 51% advantage of latter ones.
© Dukascopy Bank SA
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