By: Dima Chernovolov
GBP/AUD continues to rise inside daily Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 5-bar level – which is the result of the slow Initial Trend (4 bars), average Uniformity (5 bars) and medium Clarity (5 bars). GBP/AUD is expected to rise further inside this Ascending Triangle – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily GBP/AUD chart below, the price earlier reversed up from the support area lying between the key support level 1.7600 and the 50% Fibonacci correction of the previous sharp upward impulse from the start of January. The proximity of this support area increases the probability GBP/AUD will continue to rise inside this Ascending Triangle.
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