Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to rise inside the daily Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 4-bar level – which reflects the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and medium Clarity (6 bars). AUD/USD is expected to rise further inside this Ascending Triangle – in line with the earlier upward reversal from the combined support area shown below.

As can be seen from the daily AUD/USD chart below, the price earlier reversed up from the combined support area lying between the support level 0.7800 (which also reversed the price in January), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from December. The proximity of this support area increases the probability AUD/USD will continue to rise inside this Ascending Triangle.

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