AUD/CAD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CAD has formed a Descending Triangle pattern on 1H chart. The pattern has 78% quality and 55% magnitude in the 83-bar period.
 
The pattern started when the pair bounced from 1.0180. Currently the pair is trading at 1.0172. Pattern's support is at 1.0159 and is set to intersect with pattern's resistance on 19th of September, 22:00 GMT. The SWFX market sentiment is bullish as 59% of traders hold long positions on the pair expecting its appreciation. In addition, 71% of all pending orders in the range of 100 pips from current market price are buy orders. Long traders could focus on Fibonacci (50% of move since 11th of September)/20 bar EMA/200 bar SMA at 1.0177/80, daily pivot (PP) at 1.0188, Bollinger band  at 1.0194 and Fibonacci (38.2%) at 1.0200.

Technical indicators on aggregate point at depreciation of the pair on 4H and 1D suggesting we will see a sharp drop in the pair in the near future. Short traders could focus on Bollinger band/daily pivot (S1) at 1.0163/62, pattern's low at 1.0158 and Fibonacci (61.8%) at 1.0155.

© Dukascopy Bank SA
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