AUD/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been depreciating against the Loonie since October 28 and in the middle of November the pair has formed a channel down pattern after hitting a 200-period SMA. While current market sentiment speaks in favour of pair's appreciation (64.51%), other indicators are pointing a movement to the south in the nearest future. Hence, aggregate technical indicators on a daily chart are sending ‘sell' signals, while vast majority (69%) of all pending orders are placed to sell the pair. Taking it into account, the next key level for short traders is located at 0.9432, represented by weekly S1 and 4H S3, while slightly lower traders can find recent low and pattern's support.
© Dukascopy Bank SA
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