By: Dima Chernovolov
GBP/AUD continues to fall after the recent breakout of the clear Triangle chart pattern which was recently identified by Autochartist on the hourly charts. Autochartist measures the Quality Triangle at the 5 bar level – which reflects the medium Initial Trend (4 bars), above-average Uniformity (6 bars) and maximum Clarity (rated at the 10 bar level). High Clarity reflects the sharpness of the price impulses which formed this Triangle. GBP/AUD is expected to fall to the forecast price 1.6025.
As can be seen from the daily GBP/AUD chart below, the forecast price calculated for the breakout of this Triangle (1.6025) coincides with the powerful support level 1.6025, which has been steadily reversing this currency pair from the middle of January. Therefore, the price can be expected to correct up after reaching this forecast level.
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