Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD recently broke the 4-hour Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 4-bar level – which is the result of the slow Initial Trend (1 bar) and above-average Uniformity (7 bars). With the strength of this breakout measured at the maximum, 10 bar level – AUD/USD is expected to rise further toward the forecast price 0.7403.

As can be seen from the weekly AUD/USD below, the breakout of this Ascending Triangle was preceded by the breakout of the resistance area lying between the weekly resistance trendline from the start of 2018 and the key resistance level 0.7230 (which stopped the price at the start of January).  This price area is acting as strong support zone after it was broken. The proximity of this support zone increases the probability AUD/USD will continue to rise toward the forecast price 0.7403.

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