Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to fall inside the hourly Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 9-bar level – which is the result of the sharp Initial Trend (10 bars), strong Uniformity (8 bars) and high Clarity (9 bars). AUD/USD is expected to fall further inside this Down Channel – in line with the earlier breakout of the support zone shown below.

As can be seen from the daily AUD/USD chart below, the price earlier broke through the support zone located between the key support level 0.7650 and the support trendline of the daily down channel from February. This price zone is acting as resistance area after it was broken. The proximity of this resistance area increase the probability AUD/USD will continue to fall inside this hourly Down Channel.

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