AUD/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After confirming the rising wedge pattern, AUD/CAD is expected to begin with a new down-leg. By piercing through the 1.01 area, this currency pair managed to erode the weekly pivot point and 200-hour SMA, meaning the bears are strong enough, in order to push the Australian Dollar further to the south. The closest reliable support is placed within 15 pips from the spot (1.00) at 0.9987 (weekly S2). Success here will imply an extra sell-off down to the third weekly support at 0.9919, which is followed by Dec 15 low at 0.9839 and December low at 0.9724. On the other hand, the Aussie seems to be oversold in the SWFX market, as 65% of all trades are short, proclaiming that we can not rule out a recovery.
© Dukascopy Bank SA
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