AUD/CAD 4H Chart: Surge in sight - Trade Pattern Ideas - Dukascopy Bank
Tue, 16 Oct 2018 06:35:26 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Sell
Sell
RSI (14)
Neutral
Neutral
Buy
Stochastic (5; 3)
Neutral
Neutral
Buy
Alligator (13; 8; 5)
Buy
Sell
Sell
SAR (0.02; 0.2)
Sell
Buy
Sell
Aggregate
⇗
⇒
⇒
A long-term descending channel has guided the AUD/CAD pair for the last four months. The given downside momentum has allowed the Australian Dollar to reach a new low level at 0.9105.
However, the currency pair bounced off its historically low level a few days ago, and presently trading above the 50-hour simple moving average at 0.9272.
Everything being equal, it is likely that the exchange rate continues its bullish momentum within this session. The potential target for the Aussie could be the next swing high at 0.9476 during the following trading sessions.
Although, it is important to note that a resistance cluster formed by the 200-hour SMA and the weekly R1 at 0.9333 could hinder the rate from hitting the target.
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