Autochartist earlier identified the 4-hour Ascending Triangle chart pattern on the AUD/CAD charts. The pair is expected to reach the upper resistance trendline of this Ascending Triangle (1.0230) in the nearest time. The bottom of this chart pattern was formed when AUD/CAD corrected up from the support area located between the parity (which also reversed the price in May), 38.2% Fibonacci Retracement of the strong upward impulse from January and the daily lower Bollinger Band. This upward impulse earlier broke the daily down channel from April.

Forex Update

The following daily AUD/CAD chart highlights the support levels mentioned above:

Forex Update