AUD/CAD 4H Chart: Channel Up

Since the second decade of November the Aussie's upward movements have been frequently changed by sideways development. Current phase is the horizontal trend between 0.9840 and 0.9730. As soon as the pattern's lower edge is touched, we expect another up-leg to commence and refresh the pair's bullish status. Both weekly pivot point and 55-period SMA are going to support the Australian Dollar's buoyancy. Moreover, daily technical studies are pointing to the north, while AUD/CAD seems to be heavily oversold in the SWFX market, as more than 71% of all positions are short. After overcoming the Dec 4 high at 0.9847, the bulls will set a new target at a resistance cluster of 0.9910/26.