AUD/CAD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While AUD/CAD has been trading mainly sideways over the past few days and the trading range has been falling, it managed to create a symmetrical triangle pattern. This particular case implies a bearish outlook for the future, as triangles assume the previous downside trend of the pair will be continued at some point of time. Now we are watching the 0.9468 marker where the bulls will face a resistance, namely the pattern's upper boundary. 4H and daily technical indicators suppose the Aussie should resume sliding down, even though the SWFX participants are completely divided in their expectations. To confirm the pattern to the south, AUD/CAD should decline below the 0.9396 level.
© Dukascopy Bank SA
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