By: Dima Chernovolov

AUD/CAD continues to rise inside the clear Triangle chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slow Initial Trend (3 bars), below-average Uniformity (4 bars) and substantial Clarity (8 bars). AUD/CAD is expected to rise further inside this Triangle – in line with the earlier upward reversal from the powerful support area shown below.

05122017dailyfximage1

As can be seen from the weekly AUD/CAD chart below, the price earlier reversed up from the strong support area lying between the long-term support level 0.9600 (which stopped the sharp downtrend at the end of 2016) and the lower weekly Bollinger Band. The proximity of this support area and the oversold weekly Stochastic add to the probability AUD/CAD will continue to rise inside this Triangle.

05122017dailyfximage2

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

0 Likes
1238 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.

Sign-up





I accept the Privacy policy, Disclaimer and Conditions of this service

* = Required Field