AUD/CAD 1D Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact that AUD/CAD is currently trading between the major demand and supply zones, there should soon be a break-out, as we are closing in on the apex of the triangle. Considering the nature of the pattern, the bears are more likely to overpower the bulls, and this will expose the 2013 low at 0.9176. In the meantime, if AUD/CAD gains a foothold above 0.9575, further recovery will be difficult, being that apart from a combination of the Jun 30 high and 200-day SMA at 0.9666, there are also some other important levels nearby (May and June peaks). Concerning the sentiment, the market remains undecided, as the numbers of longs (48%) and shorts (52%) are nearly equal.
© Dukascopy Bank SA
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