Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues fall inside the clear, 30-minute Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the slow Initial Trend (3 bars), strong Uniformity (7 bars) and near-maximum Clarity (9 bars). AUD/USD is expected to fall further inside this Down Channel – in line with the recent breakout of the key support level shown below.

As can be seen from the daily AUD/USD chart below, the price recently broke below the key support level 0.7300 (lower boundary of the daily sideways price range inside which the pair has been moving from the middle of June). This price level is acting as a strong resistance level after it was broken. The proximity of this resistance level adds to the probability AUD/USD will continue to fall inside this Down Channel.

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