AUD/CAD completes Head and Shoulders chart pattern

AUD/CAD today broke the “neckline” of the 30-minute Head and Shoulders chart pattern identified by Autochartist.

The Quality of this chart pattern is measured at 6 bar level – which is the consequence of the sharp Initial Trend (8 bars), low Uniformity (4 bars) and above-average Clarity (6 bars). This Breakout follows the previous strong downward price thrust (high Initial Trend value reflects the strength of this price impulse) from the round resistance level 1.0600. The “head” of this chart pattern (point A below) was formed when the pair reversed down from the 38,2% Fibonacci Correction of the proceeding downward price impulse, mentioned above.

AUD/CAD is expected to continue downward movement in the nearest time.

Forex Update

The following daily AUD/CAD chart highlights the aforementioned resistance levels:


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.