By: Dima Chernovolov
AUD/CAD continues to rise inside the well-formed daily Triangle was previously identified by Autochartist. Autochartist rates the Quality of this Triangle at the 9-bar level – which is the result of the sharp Initial Trend (10 bars) and strong Uniformity and Clarity (rated at the 9 and 7 bar levels respectively). Higher Uniformity and Clarity of this Triangle increase its visibility to the market participants and add to the probability AUD/CAD will continue to rise inside this chart pattern.
As can be seen from the daily AUD/CAD chart below, the price earlier reversed up from the combined support area lying between the key support level 0.9960 (which has been reversing the price from April), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from January. The proximity of this support area adds to the probability AUD/CAD will continue to advance inside this Triangle.
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