Following a failed attempt at forming a double bottom at 0.9859, AUD/CAD entered a ranging market within a rectangle pattern. With supply and demand being in balance, it is now hard to tell whether a reversal is still on the table. We will look for signals at the support or resistance – 0.9859 and 0.9929 respectively – in order to tell whether the motion south will continue or not. The pair is now on its way up and will face 0.9914 in the nearest movements. A set of demand pressures below, such as the 20 and 100-period SMAs, a red Ichimoku cloud, the daily Pivot Point and bottom Bollinger Band bolster the floor and limit downside potential, suggesting that a reversal could follow.



Source: Dukascopy Bank SA
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