AUD/CAD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although AUD/CAD has recently formed a descending triangle, which usually portends a sell-off, the pair resumed the rally from 0.9440, and it is now headed towards the Nov 20 high at 0.9668. If the latter resistance is broken as well, the next target could be 0.9750, namely the May high and weekly R1. On the other hand, violation of 0.96 will mean a change in the outlook. The next support will then be at 0.9590, but the price will likely decline deeper, down to a dense demand area around 0.9515, created by the daily S3, weekly S1 and 200-hour SMA. As for the sentiment, the SWFX market participants seem to be undecided: 48% of open positions are long and 52% are short.
© Dukascopy Bank SA
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