Daily Forex Update: GBP/AUD

By: Dima Chernovolov

GBP/AUD continues to rise inside the uniform Rising Wedge chart pattern which was recently identified by Autochartist on the hourly charts. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (one bar), above-average Uniformity (6 bars) and lower Clarity (3 bars). GBP/AUD is expected to rise further inside this chart pattern – in line with the earlier breakout of the resistance area highlighted below.

As can be seen from the daily GBP/AUD chart below, the price earlier broke through the resistance area lying between the major resistance level 1.7600 (which reversed the daily uptrend in May) and the resistance trendline of the daily Rising Wedge from September. This price area is acting as support zone after it was broken. The proximity of this support zone and the rising daily Momentum increase the probability GBP/AUD will continue to rise inside this Rising Wedge.

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