Daily Forex Update: AUD/USD
By: Dima Chernovolov
AUD/USD recently broke the 4-hour Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which reflects the slow Initial Trend (2 bars), significant Uniformity (7 bars) and above-average Clarity (6 bars). AUD/USD is expected fall toward the forecast price 0.7196 – in line with the the eatrlier downard revrsal from the resistnace area shown below.
As can be seen from the daily AUD/USD chart below, the top of this Rising Wedge formed near the resistnace area lcoated between the key resistnace level 0.7300 (top of the previous upward correction from September), 100-day moving average and the 61.8% Fibonacci correction of the previous downward impulse from August. The strength of the active daily down trend and the proximity of this resistnace area increase the probability AUD/USD will continue to fall toward the forecast price 0.7196
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