AUD/CAD has recently completed the Uniform Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 7 bar level as a result of the significant Initial Trend (7 bars), near maximum Uniformity (8 bars) and above average Clarity (6 bars). This chart pattern continues the persistent long-term uptrend from October of 2008, visible on the daily and the weekly AUD/CAD charts. The pair is expected to rise further in the direction of the Forecast Zone located between price levels 1.0516 and 1.0647. The lower boundary of this Forecast Zone (1.0516) stands close to the major long-term level of resistance 1.0500, which had previously reversed sharp uptrend at the start of 2004. This level should be broken for the pair to rise further.
The following monthly AUD/CAD chart shows previous price action close to the major resistance at 1.0500:
The following monthly AUD/CAD chart shows previous price action close to the major resistance at 1.0500: