AUD/CAD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair is posing for a major, approximately 250 pip, depreciation. This is the main presumption behind the Double Top pattern's—pair fails to reach new (relative) high and gradually returns to the previous trading levels. At the moment pair is just on it's way on trailing lower after forming a second top. Bounce formed by the last few candles is dues to the 100-day SMA.it is worth pointing out that Fibonacci retracements (30th of August to 4th of September move) are having noticeable impact on the pair. It seems that 38.2% retracement worked as a pattern's support and 23.6% one kept the pair depressed once it touched the pattern's support.

© Dukascopy Bank SA
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