AUDUSD Rising Wedge Dec 14, 2016
AUDUSD is slowly trending higher, moving inside a rising wedge pattern visible on its 1-hour and 4-hour charts. Price is testing the resistance and could be due for a move back to support at the .7475 level.
AUDUSD is slowly trending higher, moving inside a rising wedge pattern visible on its 1-hour and 4-hour charts. Price is testing the resistance and could be due for a move back to support at the .7475 level.
USDCAD seems to be tired from its climb, as a double top pattern formed on its 1-hour time frame. Price is still testing the neckline at the 1.3400 major psychological level before conrfirming this reversal signal.
USDCAD was previously trading inside an ascending channel pattern before breaking lower to signal a reversal. Price hit a low of 1.2762 before pulling up and indicating that a retracement to the broken support area could be in order.
After surging past the key resistance around 1.2800 during the BOC rate statement, USDCAD is forming a bullish flag pattern that suggests potential continuation.
AUDUSD is in a strong uptrend on its short-term and long-term time frames but it appears that buyers need to regain energy before pushing the pair higher.