By: Dima Chernovolov
AUD/USD recently broke the 4-hour Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the average Initial Trend (5 bars), higher Uniformity (6 bars) and significant Clarity (7 bars). AUD/USD is expected to rise toward the forecast price 0.7449 – in line with the earlier upward reversal from the major support area shown below.
As can be seen from the weekly AUD/USD chart below, the price earlier reversed up from the major support zone lying between the key support level 0.7330 (multi-month low from May of 2017) and the lower weekly Bollinger Band. The proximity of this support zone and the oversold weekly Stochastic increase the probability AUD/USD will continue to rise toward the forecast price 0.7449.
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