Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to inside the clear Ascending Triangle chart pattern which was previously identified by Autochartist on the daily charts. Autochartist measures the Quality of this Ascending Triangle at the 6 bar level – which is the result of the below-average Initial Trend (4 bars), higher Uniformity (5 bars) and significant Clarity (8 bars). AUD/CAD is expected to rise to the upper resistance trendline of this Ascending Triangle.

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As can be seen from the following chart, Autochartist also recently identified the Clear Up Channel on the hourly AUD/CAD charts. Its Clarity is similarly rated by Autochartist at the 8 bar level. The presence of the two active, different-type and different-scale chart patterns aligned in one direction increases the probability of further gains for this currency pair.

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