AUD/CAD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair  has been gradually narrowing its trading its range—70 pips in 100 bar period. In addition, trading volume lately has been somewhat low. It could be easily taken as another indication that we should see pattern's bake out soon. Technical indicators, however, do not give clear or convincing suggestions what and in which direction is going to happen. There are some indications that some role is played by the Fibonacci retracements of the 1st of July to 3rd of July sell off. However, it seems that they were just secondary technical level who had rather minor, secondary role in the pairs movements lately.  

© Dukascopy Bank SA
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Wed, 10 Jul 2013 08:41:49 GMT

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