AUD/CAD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is being broadly supported by the 55-hour SMA at the moment, as AUD/CAD is still unable to violate this important demand for a third consecutive day. At the same time, the majority (64%)of SWFX market participants are bearish on the perspectives of this currency pair. Therefore, there is a possibility of a negative development. In case bears pierce through the 0.96 mark, then all market attention will refocus at the 0.9530 level (weekly PP). There, the pattern's support and Jul 20 low will be estimated to reverse the pair back to the upside. Meanwhile, positive scenario is shared by technical indicators on all time frames.

© Dukascopy Bank SA
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