Daily Forex Update: AUD/USD
By: Dima Chernovolov
AUD/USD continues to fall inside the clear daily Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 8-bar level – which is the result of the sharp Initial Trend (9 bars), medium Uniformity (5 bars) and near-maximum Clarity (9 bars). AUD/USD is expected to fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.
As can be seen from the daily AUD/USD chart below, the price earlier broke through the key support level 0.7100 (which stopped the previous sharp downward impulse wave at the start of August). This price level is acting as a strong resistance level after it was broken. The proximity of this resistance level increases the probability AUD/USD will continue to fall inside this Down Channel.
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