AUD/CAD 1H Chart: Symmetrical Triangle
The Aussie was appreciating against its Canadian counterpart for three weeks, resulting in the formation of a channel up. This pattern was breached to the downside last week when the rate entered a consolidation period. The pair’s decreasing trading range formed a symmetrical triangle with three confirmations on each side.
Given the characteristics of a symmetrical triangle, the breakout should occur north. Thus, the base scenario favours the rate bouncing off the lower triangle boundary near the 0.9990 mark and appreciating until a resistance cluster set by the 55-, 100– and 200-hour SMAs circa 1.0020, at least.
In case this level is breached, the pair is likely to surge up to 1.0060.
Given the characteristics of a symmetrical triangle, the breakout should occur north. Thus, the base scenario favours the rate bouncing off the lower triangle boundary near the 0.9990 mark and appreciating until a resistance cluster set by the 55-, 100– and 200-hour SMAs circa 1.0020, at least.
In case this level is breached, the pair is likely to surge up to 1.0060.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.