AUD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last time we took a look at AUD/CAD on Monday, the currency pair has not completed the bearish correction within the pattern but instead has risen back to the upper bound of the channel. Considering the strength of the resistance at 0.9660/50, which consists of the trend-line, monthly R1 and May high, the risks are skewed to the downside. However, the rest of the studies imply a completely different scenario. For one, most of the four-hour and daily technical indicators are sending ‘buy' signals. In addition, the market is currently overcrowded with bears—68% of positions are short, meaning a prolonged decline from the current levels is unlikely.
© Dukascopy Bank SA
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