Daily Forex Update: AUD/USD
By: Dima Chernovolov
AUD/USD continues to rise in the direction of the Key Resistance level 0.7741 which was previously identified by Autochartist on the daily charts. The length of this Resistance level is equal to 243 candles (trading days). Autochartist measures the Significance of this Resistance level at the strong 7-bar level – which reflects the seven earlier price reversals from this price level. AUD/USD is expected to continue to rise toward this Key Resistance level, which is also indicated by the PowerStats analysis shown below.
As can be seen from the PowerStats chart below, the upper boundary of the daily Expected Price Range calculated by Autochartist for this currency pair (0.7760) stands well above the aforementioned Key Resistance level (0.7741) – which adds to the likelihood AUD/USD will continue to rise toward this Key Resistance level.
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