Daily Forex Update: AUD/CAD

By: Dima Chernovolov

AUD/CAD continues to rise inside the clear 4-hour Flag chart pattern which was recently identified by Autochar

tist. Autochartist rates the quality of this Flag at the 8-bar level – which reflects the sharp Initial Trend (10 bars), above-average Uniformity (6 bars) and strong Clarity (9 bars). AUD/CAD is expected to rise further inside this Flag – in line with the active daily impulse wave from the powerful support area shown below.

As can be seen from the weekly AUD/CAD chart below, this Flag is aligned with the active weekly upward impulse (its strength is reflected by the high Initial Trend rating of this Flag) – which started previously from the major support area lying between the long-term support level 0.9160 (which has been reversing the price from 2013) and the lower weekly Bollinger Band. The strength of the active weekly impulse wave increases the probability AUD/CAD will continue to rise inside this Flag.

 

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