Daily Forex Update: AUD/USD
By: Dima Chernovolov
Autochartist recently identified the extended Key Resistance level 0.7670 (of the type Approach) on the AUD/USD charts. The length of this Resistance level is measured at 294 candles. The Significance of this Resistance level is rated by Autochartist at the 3-bar level – which corresponds to the 3 earlier price reversals from this resistance. AUD/USD is likely to rise to 0.7670 in the coming trading sessions – which is also confirmed by the next, daily chart pattern which was also previously identified by Autochartist.
As can be seen from the following chart – Autochartist also previously identified the Triangle chart pattern on the daily AUD/USD charts. The price is expected to rise toward the upper resistance trendline of this Triangle (intersecting the aforementioned Key Resistance level 0.7670). Two chart pattern setups pointing in one direction heighten the probability AUD/USD will continue to rise tomorrow.
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