AUD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending channel has a correctional nature, being that AUD/CAD has been bearish since January, and it is currently well below the levels seen at the start of the year. Also, the sentiment in the SWFX market is slightly bullish (55% of positions are long), meaning we are unlikely to see a recovery towards the six-month down-trend. The channel should therefore be broken before the rate reaches 0.9850. Meanwhile, the near-term outlook is negative, as the price has just bumped into the upper boundary of the channel, which implies a sell-off from 0.96 down to 0.9440, although we should note that there is a notable support area at 0.9488/71, created by the monthly pivot point and 200-period SMA.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.