AUD/CAD 4H Chart: Double Top

Since March 3 the two most popular commodity currencies have been fluctuating in the narrow range between 0.9866 and 1.0040. Given that because of this movement AUD/CAD created two peaks on March 9 and April 1, the pair's future outlook is pessimistic. Double tops are classical reversal patterns and they imply an ultimate renewal of the bearish trend. The first obstacle on the Aussie's way down is the monthly pivot point at 0.9871. By removing this support, the primary focus will shift to the monthly S1 at 0.9687. However, the April 1 low at 0.96 looks much more dangerous for the bears, as there another bullish wave is more likely to begin. Meanwhile, technicals and 54% of SWFX traders are long.