Daily Forex Update: AUD/USD

By: Dima Chernovolov

AUD/USD continues to fall after the earlier breakout of the Up Channel chart pattern which was earlier identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this chart pattern at the 8 bar level – which reflects the sharp Initial Trend (10 bars), lower Uniformity (3 bars) and above-average Clarity (7 bars). Autochartist rates the strength of this breakout at the maximum, 10-bar level. AUD/USD is expected to fall the forecast price 0.7560.

As can be seen from the chart below, the forecast price calculated for the breakout of this Up Channel (0.7560) stands within a few pips’ distance from the Key Support Level 0.7552 (of the type Approach) – which was also earlier identified by Autochartist on the 4-hour charts. Two chart patterns aligned in one direction heighten the probability AUD/USD will continue to fall tomorrow.

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

For further information on this and other Autochartist products visit www.autochartist.com