Trade of the Day: AUD/CAD

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ChartViper Trade of the Day

AUD/CAD recently broke the 4-hour Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the average Initial Trend (5 bars), medium Uniformity (5 bars) and lower Clarity (4 bars). AUD/CAD is expected to rise toward the forecast price 0.8754.

As can be seen from the weekly AUD/CAD chart below – the pair earlier reversed up from the support area located between the major support level 0.8625 (which stopped the weekly downtrend at the end of 2022) and the lower weekly Bollinger Band. The proximity of this support area and the oversold weekly Stochastic increase the probability AUD/CAD will continue to rise toward the forecast price 0.8754.

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