AUD/CAD 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On January 21, the Aussie/Loonie currency pair reached its monthly peak and then started losing value. Moreover, losses were changed by upside corrections from time to time. As a result, a descending triangle pattern on a 4H chart has been formed. Currently the cross is heading toward the point of eventual break-out, while the future outlook is still unclear. Market participants are broadly neutral on perspectives of the Australian Dollar, with 51% and 49% of all opened positions being short and long, respectively. Moreover, 4H technicals are giving neutral signals.  Nevertheless, if the pair breaches weekly PP at 0.9695, then probability of the positive case for the Aussie will increase considerably.
© Dukascopy Bank SA
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