Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to rise inside the daily Rising Wedge chart pattern was previously identified by Autochartist. Autochartist rates the Quality of this Rising Wedge at the 6-bar level – which is the result of  the slow Initial Trend (2 bars), above-average Uniformity (7 bars) and near-maximum Clarity (9 bars). AUD/USD is expected to continue to rise inside this Rising Wedge – in line with the earlier upward reversal from the support area described below.


As can be seen from the daily AUD/USD chart below, the price earlier reversed up from the support zone located between the support level 0.7550 (former strong resistance level which reversed the price with the daily Evening Star in May) and the 38.2% Fibonacci retracement of the sharp upward impulse from last month.  The proximity of this support area heightens the probability AUD/USD will continue to advance inside this Rising Wedge.


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