AUD/CAD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD is likely to remain bullish until the end of this week, but eventually the bearish mood should prevail. The pair is currently forming a rising wedge, a pattern that portends a sell-off, once the lower bound of the figure is breached. The target will then be the May low at 0.9330. At the moment, this key support is at 0.9480, but considering that the up-trend is reinforced by the weekly and monthly PPs and that the rate is still far away from the apex, near-term positive outlook until the 38.2% retracement of the Apr 18—May 26 down-move is warranted. Meanwhile, the immediate ceiling is the 200-period SMA, and it may take some time before the price breaks this resistance.
© Dukascopy Bank SA
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