AUD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has been in a down-trend since the last days of October, being unable to advance beyond 1.0050. More recently, during the last 100 bars, the currency pair formed a bearish channel. Taking into account that the price has just bounced off the upper edge of the pattern at 0.9734, there is a high possibility that the Aussie will move down to 0.9502, where it will encounter the lower edge of the corridor and the weekly S3 level. It is also important to note that that it may be the case the trend-lines the pair is going to respect are slightly less sloped than in the picture, if we try to extend them towards the peak and valley charted near the end of October.
© Dukascopy Bank SA
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