Wednesday's Forex Update: AUD/CAD
AutoChartist | Mar 14, 2018 05:34AM ET
AUD/CAD continues to fall inside the well-formed Up Channel chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Up Channel at the 9-bar level – which is the result of the sharp Initial Trend (10 bars) and maximum Uniformity and Clarity (both rated at the 10 bar level). AUD/CAD is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance zone shown below.
As can be seen from the daily AUD/CAD chart below, the price earlier broke through the resistance zone lying between the key resistance level 1.0100 (which reversed the price earlier this month) and the upper resistance trendline of the daily up channel from December. This price zone is acting as support area after it was broken. The proximity of this support zone increases the probability AUD/CAD will continue to rise inside this Up Channel.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.