Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to fall after the earlier breakout of the hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the medium Initial Trend (4 bars), average Uniformity (5 bars) and higher Clarity (6 bars). AUD/USD is expected to fall toward the forecast price 0.7999 – in line with the earlier downward reversal from the resistance zone shown below.

As can be seen from the weekly AUD/USD chart below, the price earlier reversed down from the powerful resistance zone lying between the major, long-term resistance level 0.8130, upper weekly Bollinger Band and the 50% Fibonacci correction of the sharp downtrend from the middle of 2014. The proximity of this resistance zone increases the probability AUD/USD will today continue to fall toward the forecast price 0.7999.

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