Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to rise after the earlier breakout of the 4-hour Pennant chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Pennant at the 9-bar level – which is the result of the sharp Initial Trend (10 bars), strong Uniformity (9 bars) and maximum Clarity (10 bars). AUD/USD is expected to rise toward the forecast price 0.7896 – in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily AUD/USD chart below, the price earlier reversed up from the support area lying between the powerful support level 0.7800 (which has been reversing the pair from January), 50% Fibonacci correction of the previous upward impulse from December and 100-day moving average. The proximity of this support area increases the probability GBP/AUD will continue to rise toward the forecast price 0.7896.

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