Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to fall after the recent breakout of the Significant Key support level 0.7422, which was previously identified by Autochartist on the hourly charts. Autochartist measures the Significance of this key level at the 6 bar level – which reflects the 6 prior price reversals from this price level. AUD/USD is expected to fall further in the direction of the Forecast Price 0.7370.

The breakout of this Key Support level follows the earlier downward reversal from the resistance zone lying between the resistance level 0.7500 (former powerful support from October), upper daily Bollinger Band and the 38.2% Fibonacci correction level of the previous sharp downward impulse from the start of November. The proximity of this resistance zone adds to the likelihood AUD/USD will continue to fall toward the Forecast Price 0.7370 tomorrow.

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