AUD/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Aussie-loonie offers rather good trading opportunity as at the moment it is trading exactly on the pattern's resistance and we should see the pair either breaching it, either rebounding from it. As technical indicators on aggregate do not give clear signals we could pay attention to the short and long term Stochastic indicator which sends buy signal suggesting that a rally, consequentially a breach of pattern's boundaries, is in order. Distribution of pending orders, which is 50/50 between the bears and the bulls, indicate a possible turbulent period, but 67% of open positions belonging to the bulls just support the breach of pattern's resistance theory. 

© Dukascopy Bank SA
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