AUD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the long-term forecast for AUD/CAD is bearish, the likelihood of a bullish correction over the next 12 hours is quite high. This is agreed by the 1H technical indicators, as five of them a giving buy "signals" now. The pair will shortly encounter the weekly pivot along with the 100-hour SMA, as a spike above them will open doors in the direction of 0.99, namely the upper boundary of the pattern. However, a failure to violate the closest resistance might result in an early retreat of the Australian Dollar. The bears are eyeing the 0.9750 area on their side, which is represented by the weekly S1 and the pattern's support. Meanwhile, SWFX positions are divided as 52%/48% between the bulls and bears.
© Dukascopy Bank SA
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