Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD recently broke the 4-hour Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the average Initial Trend (5 bars), higher Uniformity (6 bars) and significant Clarity (7 bars). AUD/USD is expected to rise toward the forecast price 0.7449 – in line with the earlier upward reversal from the major support area shown below.

As can be seen from the weekly AUD/USD chart below, the price earlier reversed up from the major support zone lying between the key support level 0.7330 (multi-month low from May of 2017) and the lower weekly Bollinger Band. The proximity of this support zone and the oversold weekly Stochastic increase the probability AUD/USD will continue to rise toward the forecast price 0.7449.

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

For further information on this and other Autochartist products visit www.autochartist.com