AUD/CAD 1H Chart: Aussie tests three-week channel
AUD/CAD has been trading in a neat ascending channel since early November. Along the way, the Aussie breached a long-term descending channel valid since February, 2017. Following the breakout, a minor channel up was guiding the pair towards its five-month high of 0.9971.
Given that the pair has reached the upper boundary of the senior channel circa 0.9980, it is likely that bears try to push the rate back down towards the 55– and 100-hour SMAs. These moving averages might provide strong support for several days, similarly to the situation that has prevailed during the previous trading sessions. However, this cluster should eventually surrender under the bearish pressure and push the rate towards the 200-hour SMA and the 38.20% Fibo retracement near the 0.9860 mark.
Given that the pair has reached the upper boundary of the senior channel circa 0.9980, it is likely that bears try to push the rate back down towards the 55– and 100-hour SMAs. These moving averages might provide strong support for several days, similarly to the situation that has prevailed during the previous trading sessions. However, this cluster should eventually surrender under the bearish pressure and push the rate towards the 200-hour SMA and the 38.20% Fibo retracement near the 0.9860 mark.
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