Bullish AUDCAD - 12 July 2024 - Technical Analysis

EURUSD Forex

AUDCAD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports AUDCAD Bullish bias. A break of 0.91720 will support the rise towards the target of 0.92455 the break of 0.92455 would push the price to 0.92945.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 0.90473
Support S1: 0.90456, S2: 0.90433 , S3: 0.90416
Resistance R1: 0.90496 , R2: 0.90513 , R3: 0.90536

Summary

Instrument :

AUDCAD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

50%

Entry Level :

0.91720

Activation Time :

2024-07-05 13:00

Age :

31 Bars

Progress :

100%

Close Time :

2024-07-12 13:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.