AUD/CAD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been gradually narrowing its trading range since the beginning of June and formed a Triangle pattern. There is only 50 bars (20%of total pattern's length) left till the pattern's apex, which is at 0.9568 on 30th of July, 16:00 GMT., thus we could expect significant movements in the nearest term. Important is the fact that recently there was a pullback, which occurs in around 60% of triangle pattern; and in 70% of those cases pair is breached in to the same direction as the pullback (downwards in this case). In addition currently pair is trading practically on the pattern's support. All in all, this provides a great trading opportunity.
 

© Dukascopy Bank SA
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