AUD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Bulls have failed to push the currency pair through resistance at 0.9640, and AUD/CAD is now trading within the boundaries of the bearish channel. During the next few days the Aussie is expected to descend through the nearby supports towards 0.9380/70. There the lower trend-line is reinforced by the weekly S2 and Jun low.
At the same time, if the price confirms a breach of 0.95, the bears will have an opportunity to retaliate at 0.9530, where the monthly pivot point joins forces with one of the notable recent highs. However, the SWFX traders do not seem to think that the Aussie is going to underperform, as 70% of open positions are long.
© Dukascopy Bank SA
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