AUD/CAD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similarly to AUD/JPY, also here the Aussie is the underperformer. However, this down-trend started already at the beginning of November, with a falling wedge pattern forming by the end of the month.
Currently, AYD/CAD is close to reaching the 0.94 level and that might be the case, as the daily and weekly S1s were approached yesterday. The majority of the daily technical studies are also bearish, while the 4H and weekly ones are neutral. Moreover, the market participants expect the Aussie to continue depreciating against he Canadian counterpart, at least that is what is suggested by the opened positions, as 58% of them have opened short positions.
© Dukascopy Bank SA
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Fri, 12 Dec 2014 08:58:10 GMT

AUD/JPY 1H Chart: Falling Wedge

With the end of November also the pair's up-trend came to an end and it started to decline. By doing that the pair was pushed into a 95-bar long falling wedge pattern. At the moment, the Aussie is testing the upper trend-line of the pattern and the monthly S1 at 98.44. Moreover, the pair has fallen below the high importance level

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