AUD/CAD 4H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Aussie—loonie cross has been trading in 190 pip range since the 7th of August. The pattern began with a 350 pip rally, however, Fibonacci retracements of this move, besides the fact that pattern's support is almost on the 50% retracement, are irrelevant.  200-bar SAM and other technical levels seem to have much more impact on the pair. At the moment is trading close to the pattern's resistance and in addition to that faces weekly and daily R1 as well. However, short and medium term technical point at the recovery of the pair suggesting that it should at least peak outside the pattern. Long term technicals point at further depreciation, which started on April, of the pair. 

© Dukascopy Bank SA
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