AUD/CAD continues to fall after the recent Breakout of the Double Top chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the strong Initial Trend (measured at the 8 bar level) and average Uniformity and Clarity (both rated at the 5 bar level). The completion of this Double Top reverses the previous upward correction to the longer-term daily downward price impulse from the major multi-year resistance level 1.0550 which reversed the pair sharply down in the February of 2004. The pair is expected to fall further toward the Forecast Price 1.0079 as can also be seen from the PowerStats chart below.
As you can see form the following PowerStats chart, the lower border of the daily Expected Price Range for AUD/CAD for tomorrow (1.0073) stands very close to the Forecast Price calculated for the completion of the above Double Top (1.0079) – which heightens the likelihood that this currency pair will fall toward 1.0079 in the nearest time.
The following monthly AUD/CAD chart shows the previous price action close to the major resistance level 1.0550:
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Daily Forex Update: AUD/CAD
Published 10/03/2012, 07:22 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: AUD/CAD
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