| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Neutral | Buy | Sell |
| SAR(0.02;0.2) | Buy | Buy | Buy |
| Aggregate | ⇗ | ⇗ | ⇒ |
Upside risks have dominated the Australian Dollar versus the Canadian Dollar since the beginning of September. After hitting the upper boundary of a long-term descending channel pattern at 0.9142 on September 13, the exchange rate made a U-turn south. As a result, a breakout occurred through the bottom border of a junior ascending channel during the morning hours of Thursday's trading session.
Given that a breakout had occurred, the AUD/CAD currency pair will most likely continue its southern movement within the following trading sessions. The potential for bearish traders would be near the weekly S2 at 0.8957.
However, a support level formed by the 200-hour simple moving average at 0.9006 could provide support for the currency exchange rate in the short term.