AUD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has formed a Descending Triangle pattern on 1H chart. The pattern has 40% quality and 55% magnitude in the 99-bar period.
 
The pattern started when the pair bounced from 1.0180. Currently the pair is trading at 200 bar SMA at 1.0186. The SWFX market sentiment is bullish as 61% of traders hold long positions on the pair expecting its appreciation. Long traders could focus on 20 bar SMA at 1.0196, daily pivot (PP)/Fibonacci (38.2% of move since 11th of September) at 1.0200, pattern's resistance at 1.0212 and 19th of September peak/Fibonacci (23.6%)/Bollinger's band at 1.0229/33.

Technical indicators on aggregate point at depreciation of the pair on 4H and 1D suggesting we will see a sharp drop in the pair in the near future. Short traders could focus on  daily pivot (S1) at 1.0172, Bollinger's band/Fibonacci (61.8%) at 1.0158/54 and pattern's support at 1.0142.

© Dukascopy Bank SA
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