Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to rise inside the hourly Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which reflects the slow Initial Trend (2 bars), strong Uniformity (8 bars) and maximum Clarity (10 bars). AUD/USD is expected to rise further inside this Down Channel – in line with the earlier upward reversal from the key support area shown below.

As can be seen from the daily AUD/USD below, the price earlier reversed up from the support area lying between the major support level 0.7040 (which has been reversing the pair from October) and the lower daily Bollinger Band. The proximity of this support zone and the oversold daily Stochastic increase the probability daily AUD/USD will continue to rise inside this Down Channel.

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