AUD/CAD 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian dollar has approached the lower boundary of the rising wedge pattern, mostly reflecting strength of its Canadian counterpart. At the moment the pair is testing this trend-line. If it successfully surpasses this demand area, reinforced by 100 and 200-hour SMAs, then we can expect the Aussie to drop down to daily S3 at 0.9735 in the long-term. This scenario is supported by daily technicals. At the same time, short-term studies suggest the currency pair to move sideways before commencing a bearish break-out. Distribution of long and short positions changed a little from our last report on this currency pair, as it stands at 45% and 55%, respectively.
© Dukascopy Bank SA
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