AUD/CAD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
The Australian Dollar is trading in a rising wedge pattern against the Canadian Dollar. Simultaneously the currency exchange rate is in a large scale descending channel pattern. However, due to the fact that the wedge's trend lines cross one another before reaching the upper trend line of the dominant pattern, it is possible that the wedge reveals the first move in the borders of another medium scale pattern. The pattern could be mapped, if the 200-period SMA, which has approached the rate, pushed the pair lower. Meanwhile, the currency pair has historically been affected by the Fibonacci retracement levels, which are measured by connecting the 2016 November high level with the 2017 low level.
© Dukascopy Bank SA
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