AUD/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has reversed its movement against the Canadian Dollar, as the currency exchange rate has bounced off the upper trend line of a long term ascending channel. As a result of that a short term descending channel has formed, which is heading down to the large scale pattern's lower trend line. However, before that is achieved by the Loonie against the Aussie, the currency exchange rate is set to face the 200-period simple moving average, which is located at the 1.0138. However, the pair is already oversold, as 71% of open positions are short, which means that the SMA might push the rate higher.
© Dukascopy Bank SA
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Fri, 24 Mar 2017 14:10:04 GMT

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