AUD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On August 28 AUD/CAD has formed a channel up pattern. On September 2 the pair has crossed the 200-bar SMA and since then the pair has been trading only above it. However, after hitting a 1.0046 on October 28 (previously reached on June 3), the pair dropped towards pattern's support. Currently the market sentiment is not clearly marked (52% bullish), while technical indicators are neutral. However, aggregate indicators on a monthly chart are sending "sell" signals, while stochastic on 4H and weekly chart is also suggesting a change in the trend. Hence, in case pattern's support and 200-bar SMA are breached, the next target could another Fibonacci retracement at 0.9712.
© Dukascopy Bank SA
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